The equations you need are:
h=k/delta X
Qdot=h*A*delta T
You can look up the thermal conductivity (k value) of all the materials that are physically between the source of heat and your thermocouples, including grease lube, metal etc.
Then calculate your h value by dividing your k value by the distance that the heat would have to travel through each medium. For example, if you are measuring the temperature on the outer race, you would use the k value of the race metal and the thickness of the race as delta X.
Sum all of your h values by using (1/h1+1/h2+1/h3...)^-1
Your A is the cross sectional area that the heat travels through, such as the surface area of the outer race.
Delta T is your measured temperature - ambient temperature.
Hopefully somebody else can verify these equations, I am currently on travel overseas and don't have my usual textbooks handy to check these formulas. This is all from memory, which is not getting any better with age...
Reidh