Network-on-Chip (NoC) has been proposed as an alternative to bus-based schemes to achieve high performance and scalability in System-on-Chip (SoC) design. Performance evaluation of On-Chip Interconnect (OCI) architectures is widely based on simulation which becomes computationally expensive, especially for large-scale NoCs. In this paper, a performance analysis model using Network Calculus is presented to characterize and evaluate the performance of NoC-based applications. The 2D Mesh on-chip interconnect is analyzed and main performance metrics such as end-to-end delay and buffer size requirements are computed and compared against the results produced by a discrete event simulator. The results shed more light on the potential of this analytical technique as a useful tool for NoC design and performance analysis.