Abstract-In this paper, we address the problem of performance modeling for transistor-level circuits under process variations. A sparse regression technique is introduced to characterize the relationship between the process parameters and the output responses. This approach relies on repeated simulations to find polynomial approximations of response surfaces. It employs a heuristic to construct sparse polynomial expansions and a stepwise regression algorithm based on LASSO to find low degree polynomial approximations. The proposed technique is able to handle many tens of process parameters with a small number of simulations when compared to an earlier approach using ordinary least squares. We present our approach in the context of statistical model inference (SMI), a recently proposed statistical verification framework for transistor-level circuits. Our experimental evaluation compares percentage yields predicted by our approach with Monte-Carlo simulations and SMI using ordinary least squares on benchmarks with up to 30 process parameters. The sparse-SMI approach is shown to require significantly fewer simulations, achieving orders of magnitude improvement in the run times with small differences in the resulting yield estimates.