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Here's how to use past performance:

Select a race whose race conditions you have became familiar with. (Check Reading Race Conditions).
Review the horse's lifetime record section of its past performances, checking for any significant statistics for the track, surface, distance or its overall record.
Examine the past performances of the first horse in the race, from its oldest race through its most recent race. This should include a narrative of the horse's career, its preferences, ability, and limitations.
Check how the horse fits the race conditions by highlighting the distance, surface, class level and race restrictions of its most successful efforts in the past performances.
Repeat steps 2 through 4 for each horse entered in the race.
Check whether any horse has an advantage over its opponents based on its current form.
Check whether any horse has an advantage over its opponents based on the anticipated pace of the race.

Horse Racing - Past Performance Tools

BRISnet
Offers a tool which produses a nice selection of past horse performance history.