The present disclosure relates to system, method and apparatuses for determining parameter settings for a power generation system and a tangible computer readable medium therefor. In an embodiment of the present disclosure, the system comprises at least one processor; and at least one memory storing computer executable instructions. The at least one memory and the computer executable instructions are configured to, with the at least one processor, cause the system to: divide historical power related data of the power generation system into a plurality of power load segments based on typical power load values and the number of the historical power related data; identify feasible parameter ranges for each of the plurality of power load segments; and determine optimal parameter settings for each of the plurality of power load segments, based on the identified feasible parameters ranges and correlations between system energy efficiency and relative parameters of each of the plurality of power load segments. The embodiments of the present disclosure provide a highly adaptive solution for determining optimal parameter settings instead of an equipment specific solution and it can be applied to different power generation systems, especially coal-fired power plant, as well as different operation conditions.