Apparatus and method for processing virtual graphics processor telemetry data based on quanta. For example, one embodiment of a graphics processing apparatus comprises virtualization control circuitry to virtualize graphics processing resources of one or more graphics processing units (GPU), wherein one or more virtual machines (VMs) are to be provided with controlled access to the graphics processing resources in accordance with a current graphics virtualization configuration specified, at least in part, in one or more virtualization control registers of the virtualization control circuitry; a scheduler to schedule each VM for processing by the graphics processing resources in accordance with the graphics virtualization configuration, the scheduler to generate a VM switch event responsive to each VM being scheduled for processing on the graphics processing resources; power management circuitry to collect telemetry data associated with VMs which have temporarily completed processing on the graphics processing resources and to forward the telemetry data to a telemetry data aggregator, the telemetry data aggregator to combine telemetry data collected for each VM over a period of time and to store per-VM telemetry data in a data repository accessible by a virtualization management application.