In recent years, it has been possible to observe a significant expansion of the refrigeration and air conditioning industry. Considering that food refrigeration systems (blast chilling or freezing, cold storage, retail display, etc.) and air conditioners are large energy consumers, this work presents a methodology for evaluating the performance and behaviour of these systems using the thermoeconomic diagnosis concept. The thermoeconomic model used allowed the definition of the condenser and expansion device products, which is not trivial for these components. With that, the thermoeconomic diagnosis was used to evaluate the degradation of refrigeration system components, together with the influence of individual component degradations on efficiency, cooling capacity, operating parameters, and power consumption of the whole system. Through this analysis, a prognosis of system behaviour was obtained, which can be used for maintenance scheduling, as well as for the comprehensive energetic and exergetic analysis of a refrigeration system and each of its components.