The growing trend towards using component based design approach in embedded system development requires addressing newer system engineering challenges. These systems are usually time critical and require timing guarantees from components. The articulation of a desirable response bounds for the components is often ad-hoc and happens late in development. In this paper, the authors present a formal methods based methodology for an early stage design space exploration. They focus on real-time response of a component as a basis for exploration and allow the developer model it using constant values or parameters.