Performance Evaluation Process Algebra (PEPA) is a formal language for performance modeling based on process algebra. It has previously been shown that, by using the process algebra apparatus, compact performance models can be derived which retain the essential behavioral characteristics of the modeled system. However, no efficient algorithm for this derivation was given. We present an efficient algorithm which recognizes and takes advantage of symmetries within the model and avoids unnecessary computation. The algorithm is illustrated by a multiprocessor example.