The advantage of using technology performance level (TPL) in conjunction with technology readiness level (TRL) assessments in guiding technology development trajectories to successful outcomes in less time, at less overall cost, and with less encountered risk has been well articulated in the literature. In partnership with industry and international collaborators, a TPL assessment methodology for grid-connected wave energy farms has been developed by applying a systems engineering approach. Metrics under seven different categories have been developed, weighted based on their relative relevance, and combined to yield a composite score. The methodology has been implemented in a spreadsheet tool plus a web application specifically aimed at assessing early-stage (TRL 1–3) concepts. The target use cases are (1) technology developers improving their design to find fatal flaws early, get feedback on current design, and identify areas of improvement that will yield the highest return on investment; (2) reviewers assessing technologies in competitions or making funding decisions; (3) investors or project developers doing due diligence; and (4) policymakers landscaping the technology domain for formulating research and development strategy. The methodology is also being adapted for assessing wave energy converters servicing markets outside the continental grid—broadly categorized as Powering the Blue Economy (PBE) applications. This paper presents the latest status of the TPL assessment methodology and tools, and describes (at a high level) how the methodology could be adapted to select PBE markets or extended to other domains where it could provide a comprehensive and holistic measure of a nascent or disruptive technology’s techno-economic performance potential.