A system for selecting an equalizer setting of an equalizer to equalize signals received via a communications link. Starting with a first (e.g., minimum) equalizer setting and a threshold voltage near the mid-eye voltage of the equalized output signal, the system estimates the amplitude of the inner eye of the equalized output signal by comparing the equalized output signal to a series of threshold voltages. If the amplitude of the equalized output signal is less than ideal, the system dynamically increases the equalizer setting. The system quickly converges on the equalizer setting for the communication link because, rather than comparing the output signal at every voltage offset using every equalizer setting, the system only evaluates the equalizer settings necessary to select the equalizer setting for the communications link and uses only the voltage offsets necessary to evaluate each equalizer setting.