To solve the conservatism of acceptance criteria in ASCE/SEI 41 provisions, a new concept of component performance is put forward and an alternative method based on the statistical distribution of component performance levels to evaluate structural performance level is proposed. Independent component performance levels are redefined in detail and component performance indicator limits are developed, which are different from acceptance criteria for integral target performance level of entire building proposed by ASCE standards. Structural components are classified into critical components and general components. The relationship between structural performance levels and the statistical distribution of component performance levels, including performance levels of critical components, general components and non-structural components, is proposed. A framework for applying this method will be discussed in detailand implemented to a seven-story moment frame. It is concluded that this new evaluation method is simple and meaningful for performance-based seismic assessment and design.