Correlation Between Variable Data and Attribute Data

Hi:

I need some help... I have a test result (Y) that gives my product either a pass or fail.  I have a second test (X) on this product that gives a time as a result, and if the time is greater than a specification, the product passes or fails that test.  I know that when I see failures in Y, I see lower values in X, and the same applies to higher values in X.  However, I need to know if there is a special regression to show this correlation, just to prove that a correlation exists. 

I tried to do a simple correlation from Minitab, and the R-sqd(adj) was around 24.8% {giving a R of 0.498)... my MBB wishes to see a R>= 0.60 to say that there is a correlation.

Why am I doing this?  I'm doing a project to minimize failures, and if I can track using variable data, my life would be easier, but the darn atribute test only reports pass or failure; so if I relate the variable test to the attribute test, I can then relate my project in terms of the variable test, and show that I'm reducing the amount of batches that are failing the attribute data.

Any help is greatly appreciated.

-Pritesh.