This paper presents a performance evaluation system for mathematical formula identification. First, a ground-truth dataset is constructed to facilitate the performance comparison of different mathematical formula identification algorithms. Statistics analysis of the dataset shows the diversities of the dataset to reflect the real-world documents. Second, a performance evaluation metric for mathematical formula identification is proposed, including the error type definitions and the scenario-adjustable scoring. The proposed metric enables in-depth analysis of mathematical formula identification systems in different scenarios. Finally, based on the proposed evaluation metric, a tool is developed to automatically evaluate mathematical formula identification results. It is worth noting that the ground-truth dataset and the evaluation tool are freely available for academic purpose.