This paper introduces a new methodology for evaluating performance of asynchronous linear-pipelines. Dependency Graphs are used as the circuit model. Then, a new delay model is introduced; it is the Token Vector Delay Model. Which simply and efficiently models time fixed and time variable delays. All delay variability, due to data, process and/or environment can be included in that model. Equations construct analytical model of different handshaking protocols are derived. Using the solution of the analytical model, detailed ...