The transcritical CO2 (T-CO2) power cycle using low temperature waste heat is a promising technique for energy saving and environmental protection. However, according to the literature, there is no commercialized unit in service yet. This study provides developers a reference to shorten the design phase of the T-CO2 cycle commercialization process. A sensitivity analysis of the system performance, i.e., thermal efficiency and net power output, regarding the isentropic efficiencies of pump (ηp) and expander (ηe) and the heat source temperature (Th,in) has been carried out using MATLAB and NIST REFPROP database. Simple and recuperative configurations are investigated based on their own optimal working pressures. The results show that the enhancement of ηe has a greater influence on improving the system performance, but the improvement will diminish as ηp, ηe, and Th,in increase. Although better system performance can be achieved with higher ηp, ηe, and Th,in, the cost of the system equipment will also increase due to the higher optimal working pressure. In addition, increasing ηp and ηe will negatively affect the effectiveness of the recuperator. Therefore, the turbomachinery efficiencies and the heat source temperature should be considered simultaneously for the most cost-effective system design.