I think there should be individual armor and health ratings for the different parts of you ship. Like a different rating for the hull, engines, and back. You could just display the damage% right next to that part, in space. This could make it so you could last longer in fights, and you would have to be more strategic about it too. You might still be able to fight with your left engine almost gone, but you might not be able to get away fast enough. I just thought that might be cool to see in the game.

"Starfleet...*sigh* We've lost our warp nacelles."
"We are NOT a towing service. *click*"
-:sigma.SB