One of the major issues for knowledge management in a project environment is the poor project success analysis and the lack of proper documentation on the results of the previous projects. In this research, we investigate in which way project success analysis, presented as a framework, can improve knowledge management in project environment. An empirical research was conducted in order to define the contribution of project success analysis framework to knowledge management in project environment. The data was gathered from 103 project managers in different industries in Serbia during 2013. Research results have confirmed that project success analysis, presented through the definition of critical success factors, key performance indicators and performance-measuring process has a very positive influence on knowledge acquisition and transfer in project environment. This paper presents an integrated framework for project success analysis as a new knowledge-based approach in project management.