Wheat is an important crop for food security, providing a source of protein and energy for the growing population in Ethiopia. However, both biotic and abiotic factors limit national wheat productivity. The availability of genetically diverse wheat genotypes is crucial for developing new wheat varieties that are both high-yielding and resilient to stress. Therefore, this field trial aimed to assess phenotypic variation and relationship among ICARDA-derived bread wheat genotypes using multivariate analysis techniques. The trial was conducted at three locations: Enewari, Wogere, and Kulumsa using an alpha lattice design with two replications during the main cropping seasons of 2022 and 2023. Phenotypic data on eight agronomic traits and the severity of yellow rust were collected and R programming was used for data analysis. Individual and combined location data analysis of variance showed significant differences (p ≤ 0.05) among genotypes for most of the studied traits. The highest heritability and genetic advance as a percentage of the mean were observed in days to heading (90.8, 21.29), plant height (72.4, 28.6), seeds per spike (61.7, 28), thousand kernel weight (61.9, 12), and area under the disease progress curve (67, 39.8), suggesting a predominance of additive gene action. Grain yield showed a strong positive correlation with days to maturity, plant height, spike length, spikelet per spike, and thousand kernel weight for each location. Dendrogram and phylogenetic tree methods were used to group genotypes into four genetically distinct clusters. Cluster II and III had the greatest inter-cluster distance, indicating higher diversity among their genotypes. This study identified new candidate genotypes with superior agronomic performance, high grain yield traits, and robust resistance to yellow rust, making them valuable for both current and future wheat breeding programs. Additionally, the comprehensive dataset produced in this study could facilitate the identification of genetic variations influencing desirable traits through genome-wide association analysis.