Traditionally, benchmarking of asset performance involves comparing actual performance with ideal values that correspond to test conditions which may not be realized in practice leading to inappropriate ranking of the assets. Systems and methods of the present disclosure use condition-aware reference curves for estimating the maximum possible operating efficiencies (under specific operating conditions) instead of the theoretical maximum efficiencies. The reference curves are received from the manufacturer or obtained from on-site test results. Benchmarking is then performed based on two dimensions, viz., an inter-asset metric and an intra-asset metric that are analogous to the first law and second law of thermodynamics respectively. The two-dimensional benchmarking then helps in identifying inefficient assets that may be analyzed further for finding the root cause. Tracking the performance of assets over time greatly helps in operations and maintenance, and thus reducing downtime of systems and accordingly the operating costs.