Public-private partnership projects are a complex form of megaprojects since they include a close-knit long-term contractual relationship between a public and private entity. Studying a PPP project as a monolithic system often leads to disregarding the emergent properties that occur from the interdependency between the subsystems. Hence there is a need for providing a framework for analyzing PPPs using the systems engineering approach. This paper proposes the adoption of a System-of-Systems (SoS) approach to analyzing PPP projects and proposes a framework for it. A top-down approach is used to identify the key components and their interrelationships. The analysis presented in this paper reveals the SoS taxonomy and lexicon for a PPP project and the hierarchical levels under it. The findings provide a step towards effectively analyzing the relationship within and across the various systems. They are expected to assist researchers in understanding and simulating the dynamics between the different subsystems.