Multiple transmit-receive antenna based wireless communication system is a well investigated area in the literature. However, within the scope of author’s knowledge there are few analytical frameworks which facilitate communication system design engineers to select the required transmit-receive antenna combination for a given quality of service (QoS) in terms of Bit Error Rate (BER) or Symbol Error Rate (SER). Most of such frameworks for Multiple-Input Multiple-Output (MIMO) wireless systems in the existing literature are lacking tightness between theoretical approximation and actual simulation results. The aim of investigation in this study is to provide theoretical expectation of receiver performance with MIMO wireless communication system within a given channel. In this study, new analytical performance bound frameworks with tighter lower bounds have been presented for different receivers for MIMO systems. On the basis of the presented analytical framework, a simulation platform has been established. The channel state information as well as expected quality of service is assumed to be known for simplicity. Rayleigh fading channel has been considered within simulation platform. Simulation results show that the proposed frameworks provide degree of tightness up to 100 times at Signal to Noise Ratio (SNR) 20 dB for (2x2) MIMO system in comparison to the existing frameworks. Few other MIMO antenna combinations have been considered in the evaluation process of the proposed framework.