In the initial design phase of superscalar microprocessors, a performance model is necessary. A theoretic performance model is very useful since performance for various architecture parameters can be obtained by simply computing equations, without repeating simulations, Previous studies established theoretic performance models using the relation between the instruction window size and the issue width, with the penalties due to branch mispredictions and cache misses. However, the study was intended for unlimited number of functional units, which is insufficient for the real case application. This paper proposes a superscalar microprocessor theoretical performance model which also works for the limited functional units. To enhance the accuracy of our limited functional unit model, instruction dependency rates are employed. By using trace-driven data of SPEC 2000 integer programs as input, this paper shows that the theoretically computed performance of superscalar microprocessor with limited number of functional units is quite similar to the measured performance.