Since the code is 20 years old, scrap down the parser/syntax analyzer and replace it with one of the newer lex/yacc/bison(or anything similar) etc based C++ code, much more maintainable and easier to understand. Faster to develop too if you have a BNF handy.
Once this is retrofitted to the old code, start wrapping modules into classes. Replace global/shared variables with interfaces.
Now what you have will be a compiler in C++ (not quite though).
Draw a class diagram of all the classes in your system, and see how they are communicating.
Draw another one using the same classes and see how they ought to communicate.
Refactor the code to transform the first diagram to the second. (this might be messy and tricky)
Remember to use C++ code for all new code added.
If you have some time left, try replacing data structures one by one to use the more standardized STL or Boost.