The microstructural factors that contribute to hardening mechanisms were investigated to explain the effect of post-weld heat treatment (PWHT) on the hardness of P92 steel in IN740H/P92 dissimilar weld joints. This study presents experimental analysis of the distribution of microstructural factors such as precipitate size, precipitate fraction, grain size and dislocation density in the heat-affected zone (HAZ) and base metal (BM) of the martensitic heat-resistant steel. Although precipitates mainly decorated the prior-austenite grain boundaries (PAGBs), packet boundaries (PBs), and block boundaries (BBs), their spatial distribution strongly depended on the distance from fusion line and the PWHT conditions. The grain size and the densities of geometrically necessary dislocations (GNDs) also exhibited a non-uniform distribution. The individual contributions of the microstructural factors to hardness were explained by introducing a simple hardening equation that considers the independent effect of different hardening mechanisms.