A peripheral power management system includes a power monitor for determining a power consumption characteristic of a computing processor and a controller for generating a reference power signal based on the power consumption characteristic. The peripheral power management system also includes a power regulator control signal generator for generating a power regulator control signal based on the reference power signal. The power regulator control signal controls a peripheral device power regulator which regulates an electrical supply power of a peripheral device. In this way, the peripheral power management system controls regulation of the electrical supply power of the peripheral device based on the power consumption characteristic of the computing processor. In some embodiments, the peripheral power management system determines the power consumption characteristic of the computing processor by monitoring communication on a serial voltage identification bus.