I can't entirely answer the question, but it seems to incorporate power, weight, weight bias, drive type (FF, FR, etc) and downforce (front & rear). It seems to ignore acceleration (gear ratios and parts), tyres, suspension settings and aerodynamic drag (ie prototypes and racecars massively out perform streetcars of the same pp).
In GT5, I noticed my cars often increased its pp after races, despite not upgrading or tweeking anything and losing bhp through the wear of oil - this may have been fixed in GT6 so please don't jump on this.