This paper explores a method to improve the real-time computation performance of turbo-shaft engine component-level model by reducing the dimensionality of residual equations set. For turbo-shaft engine, nozzle typically operates in a subcritical working state, assuming that the gas total temperature and pressure parameters of power turbine inlet are the same, and by assuming the gas flow balance between gas generator outlet and nozzle inlet, the iterative solution of the pressure drop of nozzle can be obtained. Then the pressure ratio of power turbine is naturally obtained, thereby achieving the objective of dimensionality reduction of the residual equations set. The component-level model’s steady-state and transient performance were simulated on a desktop computer with a clock frequency of 2.6 GHz. Simulation results show that, with a 2% margin of error, the steady state computation time for the component-level model was reduced by 54.8%, while the transient performance computation time was reduced by 18.6%. This represents a noticeable improvement in real-time performance. Simulation results on the P2020 embedded processor platform with an 800MHz clock frequency indicate a 22.3% reduction in single-step maximum transient performance computation time of the reduced dimensional model, compared to the original model. This demonstrates the effectiveness of dimensionality reduction of the residual equations set in enhancing the model real-time computation performance.