The thermal spraying process involves many machine-based parameters or independent variables (fuel flow rate, oxygen flow rate, powder feed rate, stand-off distance and many others in the HVOF process). Any combination of these parameters produces only two measurable responses, namely, particle temperature and particle velocity. In this current work, first, the machine-based spray parameters are varied in specific ways to produce different particle temperatures at near-constant velocities and vice-versa. This approach has reduced the number of independent variables to only two. These two factors further influence the in-flight particle reactions, thereby affecting the phase composition and the microstructural defects in the as-sprayed coatings. The X-ray diffraction patterns of the as-sprayed coatings revealed the presence of W2C, W, Co3W9C4, and amorphous Co-W-C phases apart from the WC phase. The W2C and W originated owing to the decarburization of the WC phase. On the other hand, the dissolution of the carbide in molten binder led to the formation of Co3W9C4 and the amorphous Co-W-C phase. The nano-hardness of both the carbide and binder phases increased with an increase in particle temperature owing to a higher degree of decarburization and carbide dissolution respectively. The porosity was the most significant micro-structural defect present in the as-sprayed coatings. An increase in either particle temperature or velocity reduced the porosity present in the as-sprayed coatings. The mechanical properties (microhardness, elastic modulus and indentation fracture toughness) tend to improve as porosity decreases. A comprehensive mathematical model was proposed to predict the mechanical properties of as-sprayed coatings as a function of composition and defects. Finally, the process maps of mechanical properties were plotted in temperature-velocity space.