Understanding of dynamical behavior in the parameter-state space plays a vital role in the optimal design and motion control of mechanical governor systems. By combining the GPU parallel computing technique with two determinate indicators, namely, the Lyapunov exponents and Poincaré section, this paper presents a detailed study on the two-parameter dynamics of a mechanical governor system with different time delays. By identifying different system responses in two-parameter plane, it is shown that the complexity of evolutionary process can increase significantly with the increase of time delay. The path-following strategy and the time domain collocation method are used to explore the details of the evolutionary process. An interesting phenomenon is found in the dynamical behavior of the delayed governor system, which can cause the inconsistency between the number of intersection points of certain periodic response on Poincaré section and the actual period characteristic. For example, the commonly exhibited period-1 orbit may have two or more intersection points on the Poincaré section instead of one point. Furthermore, the variations of basins of attraction are also discussed in the plane of initial history conditions to demonstrate the observed multistability phenomena and chaotic transitions.