One embodiment of the present invention provides a system that monitors a physical variable associated with an electronic component within a computer system. During operation, the system receives telemetry signals of the physical variable which are collected by one or more physical sensors associated with the electronic component. The system also collects electromagnetic interference (EMI) signals generated by the electronic component. Next, the system builds an inferential model for the physical variable by correlating the EMI signals with the telemetry signals. The system then uses the inferential model to infer values for the physical variable from the EMI signals.