Reliability assessment is a crucial aspect of the design and operation of structures, particularly in balancing safety and cost considerations. This paper introduces a novel method for evaluating the performance-based target reliability of floating wind turbine platforms in offshore environments. The method focuses on the platform's motion modes and wave frequencies, which significantly influence the system's structural integrity and performance. An improved limit state function is proposed to enhance the accuracy of reliability calculations, specifically for steady-state conditions. The platform's six degrees of freedom motions are carefully analyzed to investigate their dependence on wave frequencies. By considering the time response of these motions and accounting for uncertainties in wave characteristics, wave impact directions, and wind effects, a comprehensive reliability analysis is conducted to assess the stability modes of the platform. This paper introduces the term 'Reliability Performance-Based' (RPB) analysis as a new concept to evaluate the system's reliability at a given performance level. Furthermore, an optimal target reliability index is defined to address the economic aspect of the design process. The proposed methodology's PEB analysis focuses on capturing uncertainties in wave characteristics and wind effects on floating wind turbine platforms. This includes a detailed examination of wave and wind-induced loads and their propagation through the system concerning its performance level. Statistical models were integrated to quantify these uncertainties, applying Monte Carlo simulations to assess their effects on the platform's reliability. This approach allows for a nuanced understanding of the interactions between environmental factors and structural responses, enhancing the precision of our reliability assessments. It enables the consideration of economic efficiency alongside safety, ensuring a balanced approach to the design and operation of the floating wind turbine platform. By providing a comprehensive reliability assessment framework, it aids in the optimization of design and decision-making processes for floating wind turbine platforms.