Techniques for automatically allocating space in a flash storage-based cache are provided. In one embodiment, a computer system collects I/O trace logs for a plurality of virtual machines or a plurality of virtual disks and determines cache utility models for the plurality of virtual machines or the plurality of virtual disks based on the I/O trace logs. The cache utility model for each virtual machine or each virtual disk defines an expected utility of allocating space in the flash storage-based cache to the virtual machine or the virtual disk over a range of different cache allocation sizes. The computer system then calculates target cache allocation sizes for the plurality of virtual machines or the plurality of virtual disks based on the cache utility models and allocates space in the flash storage-based cache based on the target cache allocation sizes.