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Two pass water cooled steam condenser is commonly used in coal fired power plants and its thermal performance significantly affects the generation as well as the efficiency of the unit. In this paper the characteristics of various parameters affecting the thermal performance of steam condenser in coal fired power plant for different operating scenarios are discussed. The impact of flow rate, temperature and velocity of cooling water on heat transfer and condenser effectiveness are analyzed through a simulation study using thermodynamic theory. The analysis includes development of correlation for the heat transfer coefficient and the system effectiveness. The study revealed that 1 °C change in cooling water temperature leads to deviation of condenser pressure by 0.59 kPa, which corresponds to deviation in cycle heat rate of 0.36% and unit generation of 33000 kW. The relations for condenser thermal performance provided in this study contains no constant coefficients and only being function of inlet conditions of condenser. Based on the actual measurement data collected from power plant, it is found that the proposed relations provide good accuracy. Keywords: Condenser effectiveness, Cooling water flow rate, Cycle heat rate, Thermal performance