A dynamic power budget allocation system includes a plurality of powered subsystems. A power system controller is coupled to the plurality of powered subsystems. The power system controller is operable, for each of a plurality of time intervals, to retrieve power usage data from each of the plurality of subsystems during a current time interval. The power system controller is then operable to project power requirements for the plurality of subsystems for a subsequent time interval using the power usage data. The power system controller is then operable to determine at least one power setting for at least one of the plurality of subsystems using the power requirements, and program the at least one of the plurality of subsystems with the at least one power setting. Each powered subsystem may include a voltage regulator that provides the power usage data and is programmed with the at least one power setting.