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A model is built to analyze the performance of service location based on greedy search in P2P networks. Hops and relative QoS index of the node found in a service location process are used to evaluate the performance as well as the probability of locating the top 5% nodes with highest QoS level. Both model and simulation results show that, the performance of greedy search based service location improves significantly with the increase of the average degree of the network. It is found that, if changes of both overlay topology and QoS level of nodes can be ignored during a location process, greedy-search based service location has high probability of finding the nodes with relatively high QoS in small number of hops in a big overlay network. Model extension under arbitrary network degree distribution is also studied.