This paper examines the development of the individual component analysis modules applied to two selected energy conversion systems; a vapor-compression refrigeration system and a boiler heating system. The energy conversion components used in this work are the evaporator, condenser, expansion valve, mixing chamber, open feedwater heater, pipe, boiler, pump, and compressor. The developed component analysis modules are able to apply input data and specifications to estimate the corresponding thermal performance of the component. Upon investigation of the two case studies presented, it was found that the two-phase heat exchanging components such as the evaporator, condenser and boiler were the primary sources of the non-uniform system performance characteristics. As a consequence, a system connectivity matrix has been developed to evaluate the mass and energy flow characteristics of working fluids between components. The developed component analysis modules, in conjunction with the system connectivity matrix, were exclusively used to calculate the local and overall system thermal performance.