In an embodiment, a processor includes processing engines to execute instructions and power limit logic. The power limit logic is to: in response to a plurality of power spikes, perform a number of soft throttling events and a number of hard throttling events in a first processing engine; determine a ratio of the soft throttling events to the hard throttling events; compare the determined ratio to a desired goal; and adjust one or more throttling parameters in response to a determination that the determined ratio does not match the desired goal. Other embodiments are described and claimed.