A system and method for discovering a set of possible iteration sequences for a given loop in a software program is described, to transform the loop representation. In a program containing a loop, the loop is partitioned into a plurality of portions based on splitting criteria. Labels are associated with the portions, and an initial loop automaton is constructed that represents the loop iterations as a regular language over the labels corresponding to the portions in the program. Subsequences of the labels are analyzed to determine infeasibility of the subsequences permitted in the automaton. The automaton is refined by removing all infeasible subsequences to discover a set of possible iteration sequences in the loop. The resulting loop automaton is used in a subsequent program verification or analysis technique to find violations of correctness properties in programs.