A method and system of profiling applications that use virtual memory. At least some of the illustrative embodiments are methods comprising executing a traced program on a target system (the traced program comprising a plurality of tasks, each task using a different virtual to physical memory mapping), obtaining values indicative of a plurality of states of virtual to physical memory mapping used by a memory management unit associated with a processor of a target system, and displaying an indication of a proportion of an execution time the processor of the target system dedicated to each of a plurality of tasks during the execution time.