A mechanism is provided for automatically tuning power proxy architectures. Based on the set of conditions related to an application being executed on a microprocessor core, a weight factor to use for each activity in a set of activities being monitored for the microprocessor core is identified, thereby forming a set of weight factors. A power usage estimate value is generated using the set of activities and the set of weight factors. A determination is made as to whether the power usage estimate value is greater than a power proxy threshold value identifying a maximum power usage for the microprocessor core. Responsive to the power usage estimate value being greater than the power proxy threshold value, a set of signals is sent to one or more on-chip actuators in the power proxy unit associated with the microprocessor core and a set of operational parameters associated with the component are adjusted.