The present work establishes an improved experimentally validated analysis to predict performance and exergy-related parameters of a mechanical draft cooling tower involving wooden splash fills. Unlike earlier studies, which accounted for the effect of at most three tower inlet parameters for the exergy analysis, the present study simultaneously considers all five inlet parameters affecting the tower exergy performance. To simultaneously predict outlet air and water conditions, an optimization algorithm involving discrete functions of dry- and wet-bulb temperatures is used in conjunction with the mathematical model derived from mass and energy conservations within the control volume involving Bosnjakovic correlation. From practical point of view, five inlet parameters such as dry-bulb temperature, relative humidity, water temperature, water, and air flow rates are selected for the exergy analysis. Thereafter, the influence of all inlet parameters on the tower performance is analyzed on various important exergy-related factors. The quantitative analysis reveals that the inlet air humidity, water inlet temperature, and the inlet water mass flow rate significantly influence the air and water exergy changes. The present study also reveals that among the five inlet parameters, the water temperature, air humidity, and air mass flow rate are primarily responsible for the exergy destruction. Furthermore, it is observed that the second law efficiency is mainly governed by the inlet air flow rate. The present study is proposed to be useful for selecting the tower inlet parameters to improve exergy performance of mechanical cooling towers.