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This letter proposes an analytical approach to evaluate the performance of MIMO-OFCDM systems with multicode transmission. Assuming zero-forcing successive interference cancellation (ZF-SIC) in the space domain and MMSE detection in the frequency domain, it is shown that at each step of SIC, the error events on multiple code channels are correlated to each other, which make the performance evaluation difficult due to the involvement of a complicated multivariate probability. By approximating the multivariate probability by a series of two-variate probabilities, the proposed analytical approach takes the correlation into account and provides accurate performance estimations. The analytical results are verified by simulations and shown to be more accurate than those where no correlation is considered.