A network monitoring and analysis system is configured to conduct performance analysis on a network using a plurality of endpoint devices. Locations of respective endpoint devices for use in the performance analysis of the network are determined utilizing an algorithm which characterizes the network as a graph having edges and vertices and associates endpoint devices with particular ones of the vertices in an iterative manner based on impact of said vertices on achievement of a specified coverage criterion. The coverage criterion may comprise a links-covered criterion which specifies a percentage of a total number of links of the network that are covered by test communications. As another example, the coverage criterion may comprise a links-estimable criterion which specifies a percentage of a total number of links of the network for which performance is estimable from collected end-to-end path measurement data.