To investigate the effects of parameters on the seismic performance of slender T-shaped RC walls subjected to a biaxial seismic action, a numerical model was established using a fiber-based cross-section and displacement-based beam–column element. The axial load ratio, shear span ratio, flange width to web height ratio, concrete strength grade, stirrup ratio, and longitudinal reinforcement ratio were selected for the parametric study, and the effects of these parameters on the performance degradation under biaxial loading were investigated. Furthermore, a sensitivity analysis of various parameters for the decrease was conducted. The results showed that the bearing and deformation capacities under biaxial loading were both decreased, and the total energy consumption was greater than that under uniaxial loading. The impacts of different parameters and loading paths on the decrease extent were significantly different, and the overall reduction was greater in the flange direction than in the web direction. Under the square loading path, the T-shaped wall had the greatest reduction in its seismic performance, followed by the eight-shaped and cruciform loading paths. The changes in the axial load ratio, shear span ratio, and concrete strength significantly affected the performance degradation under biaxial loading. Accordingly, it is recommended to reasonably consider the values of these three parameters in a multidimensional seismic design to maintain safety redundancy.