A novel performance classification system has been developed for advanced high strength steel (AHSS). This system considers intrinsic global and local formability parameters derived from standard uniaxial tension tests and is applicable to all current and future AHSS strength classes. The overall AHSS Performance Index (P.I.) is defined herein as the product of the ultimate tensile strength and the Formability Index (F.I.), where F.I. is an intermediate strain value between the true uniform strain and the true fracture strain (TFS). Minimum P.I. values are defined for the following AHSS performance levels: First Generation AHSS (GEN1); Improved First Generation AHSS (GEN1+); Third Generation AHSS (GEN3); and Future AHSS (Breakthrough). In addition to the P.I., AHSS performance is further distinguished by local, balanced and global formability character as well as yield-to-tensile ratio.