γ'-precipitate strengthened cobalt-based superalloys show promise for higher temperature-capability over nickel-based superalloys due to higher melting temperatures. This study investigates a multicomponent CoNi-based superalloy with composition of 54Co-30Ni-9Al-1Ta-4Ti-2-W (at.%) in terms of elemental partitioning and site occupancy. Atom probe tomography (APT) reveals preferential partitioning of Ni, Al, Ti, Ta and W to the γ'-precipitate and Co to the γ-matrix. Aberration-corrected high-angle annular dark-field scanning transmission electron microscopy (HAADF-STEM) and energy dispersive spectrometer (EDS) along the [001] zone axis of γ'-precipitate with L12 structure indicate that Co, Ni substitute at A-sites, whereas Al, Ti, Ta, W prefer the B-sites. Density functional theory (DFT) calculations further confirm the results of partitioning behaviors and site preferences. Clarifying elemental partitioning and site occupancy provides valuable insights into alloy design principles for advanced CoNi-based superalloys.