A system and method for extracting relevant computational data are disclosed. In one embodiment, one or more physical quantities and/or one or more functions of physical quantities of interest, associated with a larger volume, to be measured are identified. Further, any non-available identified functions of physical quantities are computed for each smaller volume of the larger volume using the available physical quantities in the computational data. Furthermore, regions in computational domain are identified along with ranges of identified physical quantities and functions of physical quantities of interest for carrying out the extraction from the computational data. Moreover, geometrical and connectivity information of smaller volumes associated with the identified regions/ranges that are obtained by filtering the computational data associated with the larger volume are obtained. Also, one or more clusters of smaller volumes are obtained using the obtained geometrical and connectivity information of smaller volumes associated with the identified regions/ranges.