In [1], we introduced a new, matrix algebraic, performance analysis framework for wireless systems with fading channels based on the matrix exponential distribution. The main idea was to use the compact, powerful, and easy-to-use, matrix exponential (ME)-distribution for i) modeling the unprocessed channel signal to noise ratio (SNR), ii) exploiting the closure property of the ME-distribution for SNR processing operations to give the effective channel random variable (r.v.) on ME-distribution form, and then to iii) express the performance measure in a closed-form based on ME-distribution matrix/vector parameters only. In this work, we aim to more clearly present, formalize, refine and develop this unified bottom-up analysis framework, show its versatility to handle important communication cases, performance evaluation levels, and performance metrics. The bivariate ME-distribution is introduced here as yet another useful ME-tool, e.g. to account for dependency among two r.v.s. We propose that the ME-distribution may, in addition to fading, also characterize the pdf of discrete-time signal r.v.s, thus extending the ME-distribution matrix form to new generalized 1D/2D-Gaussian-, and Rayleigh-, distribution-like matrix forms. Our findings here, strengthen the observation from [1], [2], and indicates that the ME-distribution can be a promising tool for wireless system modeling and performance analysis.