This study aimed to use chemometrics to evaluate the influence of lipid and protein oxidation on the color and texture characteristics of Brazilian dry-cured loin (Socol, BDL). Upon exploration using hierarchical cluster analysis (HCA), two clusters were formed, indicating that higher water activity (aw) was associated with higher lipid and protein oxidation. However, this fact was associated with softening and low color quality (a*, chroma, and cured color). In a more in-depth exploration, using principal component analysis (PCA) for each cluster separately, connections between protein and lipid oxidation were found in high aw, as demonstrated by their statistical association. In the same way, relationships between high hardness and carbonyl contents were obtained only in high aw. In addition, an overall relationship (p < 0.05) between nondestructive measurements, such as hardness, and destructive methods (malonaldehyde and carbonyl contents) demonstrate that nondestructive techniques can be promising for further studies in the method replacement field. In this study, reasonable explanations of the connections between oxidative damage and quality traits in Socol are provided.