Systems, apparatuses, and methods for dynamically estimating power losses in a computing system. A system management circuit tracks a state of a computing system and dynamically estimates power losses in the computing system based in part on the state. Based on the estimated power losses, power consumption of the computing system is estimated. In response to detecting reduced power losses in at least a portion of the computing system, the system management circuit is configured to increase a power-performance state of one or more circuits of the computing system while remaining within a power allocation limit of the computing system.