In this paper, we propose a new technique for the performance analysis of discrete-time linear systems controlled by a saturated linear control law. Two performance indices, the computation of invariant sets and the L2 performance, are considered. The main contributions of the paper are the following: i) a new linear parameter varying system framework is presented to model the saturated system, ii) a nonlinear saturation-dependent auxiliary feedback matrix is considered, iii) new sufficient conditions for the performance analysis are proposed. It is shown that the conditions can be expressed as a set of linear matrix inequalities. Furthermore, it is shown that the conditions are guaranteed to be less conservative than existing solutions in the literature. Three numerical examples are presented to illustrate the effectiveness of the proposed method.