Abstract: Vector universal generating function was presented to analyze the availability of thermodynamic system with multiple performance parameters. Vector-universal generating function of component’s performance was defined, the arithmetic model based on vector-universal generating function was derived for the thermodynamic system, and the calculation method was given for state probability of multi-state component. With the stochastic simulation of the degeneration trend of the multiple factors, the system availability with multiple performance parameters was obtained under composite factors. It is shown by an example that the results of the availability obtained by the binary availability analysis method are somewhat conservative, and the results considering parameter failure based on vector-universal generating function reflect the operation characteristics of the thermodynamic system better.