Most important factor is distance - if you track the value of the trade route as it moves along the route, you'll see it periodically jumps on long routes. How often depends on the size of map. Oh, and it's distance rather than the turn time it takes to travel the route, so try and make the routes diagonal (40% longer for the same "time distance" than straight routes)
Population's a factor...it depends on the sum of populations on the two planets. But this is a much lesser effect than the distance bonus (which seems to be independent of population) so just set up the longest diagonal routes you can as priority. If there happen to be high population planets in the vicinity, then great, but otherwise don't worry about it.
| 2) high income helps too. |
Are you sure? Try changing your income by changing your tax rate. Unless they've altered things in the current beta it won't have any impact on the trade route value.