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The phrase "an indicator of performance" is correct and usable in written English.
It can be used when discussing metrics or measures that reflect how well something is functioning or achieving its goals.
Example: "Customer satisfaction scores serve as an indicator of performance for our service team."
Alternatives: "a measure of effectiveness" or "a gauge of success".
Exact(11)
Missing scores Where an indicator of performance is absent, a process introduces substitute S-scores.
The performance envelopes were considered as an indicator of performance reliability.
Shortly after joining the staff of Baseball Magazine about 1911, writer F.C. Lane began railing about the inadequacy of batting average as an indicator of performance.
The dropout rate has also been quantified and used as an indicator of performance (Dearing, 1996; Bricall, 2000; Rauret & Grifol, 2001; OECD, 2008; Mandelson, 2009).
The carbon deposition rate could be an indicator of performance in similar operation conditions (see further).
We counted the number of trials for successful learning of a mapping as an indicator of performance.
Similar(49)
Is past performance really an indicator of future performance?
Work orders are an indicator of future performance, rather than past performance.
High physical competence, is not an indicator of actual performance, but linked to high confidence to perform (Kipp & Weiss 2013).
If body language is an indicator of imminent performance, Rory McIlroy's opportunity here is the strongest yet.
Well-managed tension is therefore an indicator of strong performance rather than a signal that something is wrong.
More suggestions(16)
an indicator of functioning
an opinion of performance
an indicator of drought
an abundance of performance
an indicator of poverty
an expectation of performance
an indicator of decomposition
an assessment of performance
an indicator of gang
an indicator of need
an indicator of work
an aspect of performance
an afternoon of performance
an experiment of performance
an evaluation of performance
an indicator of disadvantage
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com