A bandwidth estimation method is disclosed for measuring memory bandwidth consumption or the bandwidth consumption of any I/O bus in real time on a computer system without the use of hardware counters. The bandwidth estimation method, designed to run in isolation on a core in a multi-core computer system, generates temporally sequential and spatially random accesses to a bus such as the memory bus and reports the average latency per request. Using a pre-calculated latency-bandwidth relationship, the bandwidth on the bus is calculated and reported at runtime for every latency sample. The bandwidth estimation method allows profiling processors and computer systems in real time to determine the amount of memory or I/O traffic they are using while running a workload.