A system in one embodiment comprises a first endpoint device. The first endpoint device comprises at least one processor that is coupled to memory. The first endpoint device is configured to communicate with a second endpoint device over a network using a given communication protocol. The at least one processor is configured to monitor a communication session under the given communication protocol between the first endpoint device and the second endpoint device and to determine that a designated network condition has occurred based at least in part on the monitoring of the communication session. The at least one processor is further configured to activate a performance monitoring component of the given communication protocol for the first endpoint device based at least in part on the determination that the designated network condition has occurred and to generate performance data associated with the communication session utilizing the activated performance monitoring component.