A computer-implemented method that includes monitoring execution of program code by first and second processor components. A computing system detects that a trigger condition is satisfied by: i) identifying an operand in a portion of the program code; or ii) determining that a current time of a clock of the computing system indicates a predefined time value. The operand and the predefined time value are used to initiate trace events. When the trigger condition is satisfied the system initiates trace events that generate trace data identifying respective hardware events occurring across the computing system. The system uses the trace data to generate a correlated set of trace data. The correlated trace data indicates a time ordered sequence of the respective hardware events. The system uses the correlated set of trace data to analyze performance of the executing program code.