The mathematical framework presented in this article focuses on the controlled-transmission protocol’s asynchronous process of bandwidth allocation for the target virtual connection implemented under competition for communication resources. The studied process is formalized as a two-dimensional discrete Markovian chain, taking into account the distributions of queue lengths of TCP data fragments from competing client nodes. Such a chain describes the dynamics of filling the stack of transmitted but unacknowledged data fragments of the investigated end device. Distributions of the chain states were found for various ratios of the target virtual-connection bandwidth, transmission-protocol parameters, and communication-channel characteristics. Analytical dependencies for computing the performance of the target virtual connection for different operating modes were obtained. The results of experiments conducted based on the obtained analytical constructions showed that the performance of the virtual connection with a selective repeat mode is mainly determined by the data-loss intensity, the queue size distribution in transit nodes, and the ratio between the protocol window size and the route length.