A method for determining power dissipation within a computer system is disclosed. A circuit block may receive a regulated voltage level on a power supply signal generated by a voltage regulator circuit. A power control circuit may measure a current drawn by the circuit block, and determine a real-time voltage level for the power supply signal using the current and based on a slope value and a zero-load voltage level. Additionally, power control circuit may determine a power dissipation for the circuit block using the current and the real-time voltage level, and adjust an operation parameter of the circuit block based on the power dissipation.