If I've taken too much system damage, I suffer a 'failure'.
This is done by EKing, then sending your ship into a spin by mouse flight and moving the cursor into a corner of the screen. Gives a very nice impression of spinning out of control and leaves your hands free for last-minute pre-death RP. But I'm more about drama and enjoyment than RP realism.
Another simpler solution is to just go shoot a battleship.