In this paper, we develop a new tool, called Component Analysis (CA), to study the significance of long Torah Code phrases. CA quantifies the relevance of such a phrase, by comparing its components (sub-phrases) to randomly constructed competitor phrases. In the process, we gain insight into how highly unusual it is to discover focused relevance among these randomly constructed competitors. Under the null hypothesis of no Torah Codes, we would therefore not expect to find focused relevance in the Torah Code phrases, but our experience suggests otherwise, as reflected in the highly significant example studied here. CA lends itself well to being duplicated and verified by others, even those unfamiliar with Hebrew.