Integrated Sensing and Communications (ISAC) surpasses the conventional frequency-division sensing and communications (FDSAC) in terms of spectrum, energy, and hardware efficiency, with potential for greater enhancement through integration of NOMA and signal alignment techniques. Leveraging these advantages, this paper proposes a multiple-input multiple-output-NOMA-ISAC framework with signal alignment and thoroughly analyzes its performance for both downlink and uplink. 1) The downlink ISAC is investigated under three different precoding designs: sensing-centric (S-C) design, communications-centric (C-C) design, and Pareto optimal design. 2) For the uplink case, two scenarios are investigated: S-C design and C-C design, based on the interference cancellation order of the communication signal and the sensing signal. In each of these scenarios, key performance metrics including sensing rate (SR), communication rate (CR), and outage probability are investigated. For a deeper understanding, the asymptotic performance of the system in the high signal-to-noise ratio (SNR) region is also explored, with a focus on the high-SNR slope and diversity order. Finally, the SR-CR rate regions achieved by ISAC and FDSAC are studied. Numerical results reveal that in both downlink and uplink cases, ISAC outperforms FDSAC in terms of sensing and communications performance and is capable of achieving a broader rate region, clearly showcasing its superiority over the conventional FDSAC.
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