You can use Python's regular expression to parse any string. for your requirement bellow code will give you list of variables(valiables) and corresponding value(values) in a list.
import re
server = 'sys:var1=value1,var2=value2,var3=value3'
variables = re.findall(r'([\w]+)=', server)
values = re.findall(r'=([\w]+)', server)
Result
variables: ['var1', 'var2', 'var3']
values: ['value1', 'value2', 'value3']
Brief Explanation
in the above code
([\w]+)=: finds one or more alpha-numeric and underscore( _ ) characters followed by =.
[\w]+: means select one or more alpha-numeric and underscore( _ ) characters
(...): groups those selected character and leaves behind = in result
You can refer bove link for more details about regex expression.