Street Fighter EX2 Plus retains all the characters from the original game, with the exception of Hayate, who was removed from the game. Nanase now serves as a regular character in his place. Bison, along with Pullum Purna and Darun Mister, who were all excluded from the original Street Fighter EX2, return in EX2 Plus. Sagat makes his debut in the EX series along with new characters Vulcano Rosso (an Italian martial artist) and Area (a young girl equipped with a large mechanical arm). A non-selectable version of Bison named "Bison II" appears in the game as an opponent in single-player mode.
In addition to the Super Combos and Excel Combos in the original EX2, EX2 Plus also features "Meteor Combos", more powerful Super Combos which can only be performed filling up all three stocks of the Super Combo gauge. While the previous EX games feature characters who had Lv.3-only Super Combos, in EX2 Plus it became a standard feature for all of the characters, with each character having at least one Meteor Combo. The Excel Combo system from the original EX2 was also revised slightly. The player can now connect a basic move or special move into the same move instead of being limited to a different move.