A system in one embodiment comprises a first endpoint device that is configured to communicate with a second endpoint device using a given communication protocol. The first endpoint device is configured to monitor a communication session under the given communication protocol and to generate monitoring data associated with the communication session. The first endpoint device is configured to determine that a designated network condition has occurred based at least in part on the monitoring data. The first endpoint device is configured to activate a performance monitoring component based at least in part on the determination that the designated network condition has occurred and to generate performance data utilizing the activated performance monitoring component. The first endpoint device is configured to anonymize and store the performance data.