Underspecified composition ranges often lead to alloys with unpredictable mechanical performance. To better understand the changes in microstructure and mechanical performance associated with variations of key elements, three versions of P92 are formulated within, or close to, the specified allowable for N, B, and C ranges. Chromium and Si are also varied to influence N solubility. Different service conditions (i.e., temperature and stress) are explored. It is observed that >80% decrease in creep life occurs at 625 °C and 155 MPa for the highest B and N containing alloy. Multiscale characterization reveals key changes due to the trace element variation. The high B and N containing alloy forms deleterious BN precipitates with morphology that promotes crack nucleation and damage accumulation, but this alloy additionally forms higher fractions of beneficial MX precipitates. The alloy with the lowest B and N concentrations but greater C content shows the best creep performance—a consequence of the refined M23C6 carbide precipitate population and the absence of large‐scale inclusions or BN precipitates. Calculations of creep activation energy reveal that the high B and N containing alloy is more prone to damage accumulation which causes an early onset of accelerating creep and greater minimum creep rate.