A new method of evaluating the reliability of combinational circuits is proposed, this method uses two levels of characterisation: a Stochastic Fault Model (SFM) of the component library and a design-specific Critical Vector Model (CVM). The idea is to move the high-complexity problem of stochastic characterisation of parameters into the generic part of the design process, and do it just once for a great number of the specific designs. The SFM captures variations of the vector of parameters of a library component fault model, those causing a transient fault at the component output; it is meant to be supplied by the foundry, similar to timing library files. The CVM is derived by a limited number of simulation runs on the specific design, and represents the boundary between the erroneous and errorfree operation, w.r.t. the vector of parameters of each component. The probability of error-free operation is subsequently calculated by jointly using SFM and CVM. The method is demonstrated on a chain of inverters for simplicity, and subsequently applied to a 3-bit full adder. A complex three-way trade-off between energy, performance and reliability is explored. The method is meant to serve as a basis for design-time reliability evaluation and runtime power-reliability management. A slow stage is added to the circuit under test to improve its reliability.