A system and related operating method for performance launch control of a vehicle begins by receiving a user-selected driving condition setting that is indicative of road conditions. The method also collects real-time vehicle status data during operation of the vehicle, and derives a target wheel slip profile from the user-selected driving condition setting and the real-time vehicle status data. The actual propulsion system torque of the vehicle is limited using the target wheel slip profile, resulting in improved performance for standstill launches.