Reproductive inefficiency remains a major constraint in Penaeus vannamei hatcheries due to high rates of non-spawning females. This study presents the first two-generational quantitative genetic analysis of female reproductive performance under standardized SPF (Specific Pathogen-Free) conditions. A total of 986 females across two generations (2021–2022) from 198 full-sib and 68 half-sib families were evaluated. Traits analyzed included spawning frequency (SF), mean spawning interval (MSI), number of eggs laid for the first time (NE1), average spawning (AS), total spawning (TS), and spawning success (SS). Heritability estimates for SF, SS, and TS were moderate (0.30 ± 0.06, 0.23 ± 0.06 and 0.28 ± 0.07, respectively), while MSI, NE1, and AS showed low heritability (0.10–0.16). When analyzed separately by year, heritability estimates declined substantially for most traits in the second generation. Strong positive genetic correlations were observed between SF, MSI, NE1, AS, and TS, with pairwise estimates ranging from 0.82 to 0.99, indicating that these traits are under shared genetic control. Despite not being direct selection objects, all reproductive traits exhibited relative genetic progress (246–488% per generation), which is attributable to the high selection intensity applied to the parental generation. Our findings provide a robust foundation for integrating reproductive performance into breeding programs for P. vannamei, particularly under biosecurity and commercial feed-dominated conditions.