Combined Heat and Power (CHP) systems have attracted substantial interest in the past decades as they offer higher thermal efficiency than single power generation systems. Various parameters affect the performance of a cogeneration system, including environmental and operating conditions of gas turbine and Heat Recovery Steam Generator (HRSG) system. In this study, the effects of 15 substantial parameters on the performance of a CHP system are investigated using Thermoflow software. The most influential parameters are identified by performing a comprehensive parametric study and sensitivity analysis. The results indicate that only 3 parameters, including the percentage of gas turbine load, ambient temperature, and ambient pressure, affect the gross output power, i.e., increasing ambient temperature from -20 to 50 oC leads to an 8% increase in efficiency of the CHP system. In contrast, moving from the highest elevation in Iran to a beach can result in a 20% reduction in the output power of the cogeneration system. This is while 8 parameters significantly affect the efficiency of the cogeneration system. For instance, changing gas turbine load from 100% to 25% leads to a 25% reduction in the efficiency of the cogeneration system. Furthermore, the correlations between important input and output parameters are presented, which can be easily used for different environmental and working conditions of cogeneration systems and are, in fact, a roadmap for the feasibility of using this type of system in various regions and working conditions.