The correct direction of brand evaluation for ISO/TC289 may be created if a methodology to evaluate the real brand value is developed with consideration of sustainability at the beginning. The purpose of this study is to develop such a methodology for brand evaluation. The process of brand value generation is summarized firstly according to the nature and characteristics of brand value formation. The conceptual framework of brand evaluation is proposed to describe the process of brand value formation including Creation, Spread, Outcome, and Response. Applying the concepts of systems thinking and systems analysis, the components and attributes of internal and external environment, social, economic, and institutional factors, which affecting the brand value of an enterprise, are identified based on the above conceptual framework. Relationships of system effects on brand evaluation are then constructed as the basis of a sustainable brand evaluation framework. Four evaluation aspects of Creation, Spread, Outcome, and Response (CSOR) are involved in our proposed framework. Suggested evaluation items and indicators of the four aspects are defined by the attributes of the relationships of system effects on brand evaluation. Comprehensive effects of internal and external environment, social, economic and institutional factors of an enterprise can be systematically evaluated using these indicators. In other words, the indicators can be used to evaluate the real brand value with consideration of sustainability. The proposed methodology is expected to be the basis for developing methodology of brand evaluation for ISO/TC289.