The disclosed embodiments provide a system that analyzes telemetry data from a computer system. During operation, the system obtains the telemetry data as a set of telemetric signals using a set of sensors in the computer system. Next, the system analyzes the telemetry data to estimate a value of a parameter associated with the computer system, wherein the parameter is at least one of a power utilization and a temperature. Finally, the system controls a subsequent value of the parameter by modulating a virtual duty cycle of a processor in the computer system based on the estimated value.