A method and an information handling system (IHS) dynamically modifies queue depth values based on changing relative workload demands of virtual functions. A controller, executing code of a queue depth profiler, determines, for each virtual function, an average number of total unfulfilled, outstanding requests. The controller compares values for an average number of total outstanding requests across the plurality of virtual functions. The controller determines a relative demand for request queue depth corresponding to each respective virtual function based on the compared values. The controller calculates desired queue depth values for each virtual function, based on the relative demand. The controller triggers completion of pending requests for a first processing state. In response to successful completion of the first processing state, the controller enables initiation of a second processing state in which request processing continues using the desired queue depth values.