[1][2] Mihăescu was born on 11 September 1962 in Târgoviște, starting his senior career by playing as a forward at Divizia B club, Flacăra Moreni.
[1][3] In 1985, he was transferred at Dinamo București, where he played mainly in the defense, making his Divizia A debut on 8 March 1986 when coach Mircea Lucescu sent him on the field at half-time to replace Alexandru Nicolae in a 3–1 victory with FCM Bacău.
[1][3][4] On 28 May he scored his first goal in the league, the decisive one in the 2–1 win over rivals Steaua București, then on 25 June in the Cupa României final, Lucescu sent him at half time to replace Nelu Stănescu, playing until the 89th minute when he got replaced by Nistor Văidean in the 1–0 victory against the same team, at the time of these both events, The Military Men were the recent winners of the European Cup.
[1][6][7] He also won the 1989–90 Cupa României but did not play in the final and made 22 appearances with one goal scored in European competitions, helping the team reach the quarter-finals in the 1988–89 European Cup Winners' Cup where they were eliminated on the away goals rule after 1–1 on aggregate by Sampdoria and in the following edition of the same competition Dinamo reached the semi-finals where they were eliminated after 2–0 on aggregate by Anderlecht with Mihăescu playing seven games in the campaign and scoring once in a 2–0 win over Dinamo Tirana from the first round.
[11][12] After he ended his playing career, Mihăescu worked mostly as an assistant, having only short periods spent as head coach, the most notable being at Unirea Urziceni in Liga I.