To assess the ability of structural health monitoring (SHM) systems, a variety of prerequisites and contributing factors have to be taken into account. Within this publication, this variety is analyzed for actively introduced guided wave-based SHM systems. For these systems, it is not possible to analyze their performance without taking into account their structure and their applied system parameters. Therefore, interdependencies of performance assessment are displayed in an SHM pyramid based on the structure and its monitoring requirements. Factors influencing the quality, capability and reliability of the monitoring system are given and put into relation with state-of-the-art performance analysis in a non-destructive evaluation. While some aspects are similar and can be treated in similar ways, others, such as location, environmental condition and structural dependency, demand novel solutions. Using an open-access data set from the Open Guided Waves platform, a detailed method description and analysis of path-based performance assessment is presented.The adopted approach clearly begs the question about the decision framework, as the threshold affects the reliability of the system. In addition, the findings show the effect of the propagation path according to the damage position. Indeed, the distance of damage directly affects the system performance. Otherwise, the propagation direction does not alter the potentiality of the detection approach despite the anisotropy of composites. Nonetheless, the finite waveguide makes it necessary to look at the whole paths, as singular phenomena associated with the reflections may appear. Numerical investigation helps to clarify the centrality of wave mechanics and the necessity to take sensor position into account as an influencing factor. Starting from the findings achieved, all the issues are discussed, and potential future steps are outlined.