In this publication, we present an energy and exergy analysis of the Szewalski binary vapor cycle based on a model of a supercritical steam power plant. We used energy analysis to conduct a preliminary optimization of the cycle. Exergy loss analysis was employed to perform a comparison of heat-transfer processes, which are essential for hierarchical cycles. The Szewalski binary vapor cycle consists of a steam cycle bottomed with an organic Rankine cycle installation. This coupling has a negative influence on the thermal efficiency of the cycle. However, the primary aim of this modification is to reduce the size of the power unit by decreasing the low-pressure steam turbine cylinder and the steam condenser. The reduction of the “cold end” of the turbine is desirable from economic and technical standpoints. We present the Szewalski binary vapor cycle in addition to a mathematical model of the chosen power plant’s thermodynamic cycle. We elaborate on the procedure of the Szewalski cycle design and its optimization in order to attain an optimal size reduction of the power unit and limit exergy loss.