The formalism of probabilistic languages has been introduced for modeling t
he qualitative behavior of stochastic discrete-event systems. A probabilist
ic language is a unit interval-valued map over the set of traces of the sys
tem satisfying certain consistency constraints. Regular language operators
such as choice, concatenation, and Kleene-closure have been defined in the
setting of probabilistic languages to allow modeling of complex systems in
terms of simpler ones. The set of probabilistic languages is closed under s
uch operators, thus forming an algebra. It also is a complete partial order
under a natural ordering in which the operators are continuous. Hence, rec
ursive equations can be solved in this algebra. This is alternatively deriv
ed by using the contraction mapping theorem on the set of probabilistic lan
guages which is shown to be a complete metric space. The notion of regulari
ty, i.e., finiteness of automata representation, of probabilistic languages
has been defined and it is shown that regularity is preserved under choice
, concatenation, and Kleene-closure. We show that this formalism is also us
eful in describing system performance measures such as completion time, rel
iability, etc., and present properties to aide their computation.