In this paper, a new design method with performance improvements of multiloop controllers for multivariable systems is proposed. Precise expression is developed to show the relationship between the dynamic- and steady-state characteristics of the multiloop control system and its parameters. First, an equivalent transfer function (ETF) is introduced to decompose the multivariable system, based on which the multiloop controller parameters are calculated. According to the ETF matrix property, an analytical expression for the PI controller for multivariable systems is derived in terms of substituting the ETF matrix for the inverse open-loop transfer function. In the proposed controller design method, no approximation of the inverse of the process model is needed, implying that this method can be applied to some multivariable systems with high dimensions. The simulation results obtained from several examples demonstrate the effectiveness of the proposed method.