For VBR video traffic, Motion-Picture Experts Group(MPEG) coding algorithm was adopted as the standard coding algorithm by International Telecommunication Union(ITU). In this paper, we propose a traffic model of an MPEG coded video traffic in frame level and cell level, and develop an approximate model for evaluating performance of a ATM multiplexer with homogeneous MPEG video sources by considering burst-level variation of aggregated traffics. For homogeneous MPEG video traffics which are frame-synchronized, the performance of the ATM multiplexer is influenced by source correlation at the multiplexing time. When sources are highly correlated, we decompose the aggregated cell streams by the frame-type and model multiplexing process during a frame time as n*D/D/1/K queueing model and suggest an approximate method for obtaining CLP of the ATM multiplexer. In the case that sources are highly correlated, the solution has the meaning of the upper bounds of performance of the ATM multiplexer. For the verification of our model, we compare the solution of our model with simulation resets. As the number of sources increases. The CLP obtained from our model approaches to simulation results, and gives upper bounds of simulation results.