In this paper, we propose a performance-based activation mechanism for anti-windup compensation. The signals representing the transient performance of the closed-loop system are passed through a static performance compensator and then injected into the traditional anti-windup activation module and a performance-based anti-windup design framework is developed. The resulting equivalent controller contains the information of the anti-windup compensator and has the potential for improving the performance of the closed-loop systems. Under this new anti-windup design framework, sufficient conditions are established for estimating the domain of attraction and the nonlinear L2 gain of saturated systems. Based on these conditions, we formulate optimization problems to determine the optimal gains of anti-windup and performance compensators for enlarging the domain of attraction and reducing the nonlinear L2 gain. Simulation results show that, compared with the existing methods, our proposed approach has the ability to acquire a significantly larger estimate of the domain of attraction, a significantly tighter estimate of the nonlinear L2 gain, and significantly higher transient quality in reference tracking.