We present an analysis of Spitzer-IRS observations of H 2 O, OH, HCN, C 2 H 2 and CO 2 emission, and Keck-NIRSPEC observations of CO emission, from a diverse sample of T Tauri and Herbig Ae/Be circumstellar disks. We find that detections and strengths of most mid-IR molecular emission features are correlated with each other, suggesting a common origin and similar excitation conditions for this mid-infrared line forest. Aside from the remarkable differences in molecular line strengths between T Tauri, Herbig Ae/Be and transitional disks discussed in Pontoppidan et al. (2010b), we note that the line detection efficiency is anti-correlated with the 13/30 µm SED spectral slope, which is a measure of the degree of grain settling in the disk atmosphere. We also note a correlation between detection efficiency and Hα equivalent width, and tentatively with accretion rate, suggesting that accretional heating contributes to line excitation. If detected, H 2 O line fluxes are correlated with the mid-IR continuum flux, and other co-varying system parameters, such as L ⋆ . However, significant sample variation, especially in molecular line ratios, remains, and its origin has yet to be explained. LTE models of the H 2 O emission show that line strength is primarily related to the best-fit emitting area, and this accounts for most source-to-source variation in H 2 O emitted flux. Best-fit temperatures and column densities cover only a small range of parameter space, near ∼ 10 18 cm −2 and 450 K for all sources, suggesting a high abundance of H 2 O in many planet-forming regions. Other molecules have a range of excitation temperatures from ∼ 500 − 1500 K, also consistent with an origin in planet-forming regions. We find molecular ratios relative to water of ∼ 10 −3 for all molecules, with the exception of CO, for which n(CO)/n(H 2 O)∼1. However, LTE fitting caveats and differences in the way thermochemical modeling results are reported make comparisons with such models difficult, and highlight the need for additional observations coupled with the use of line-generating radiative transfer codes.