The present technique provides a system and method for dynamic configuration of medical diagnostic systems using distributable multi-component configuration files having extractable component-specific configuration data. The component-specific configuration data is extractable and processable at each component receiving a broadcast of the distributable multi-component configuration file. If a configuration change is desired in the system or in a particular component, then the change is made via the distributable multi-component configuration file. For example, the foregoing distribution and extraction techniques may be performed during operation of the distributed medical diagnostic system in response to a global or application change, such as different medical diagnostic applications. Accordingly, the present technique provides a flexible and architecture-independent mechanism for configuring components of a distributed medical diagnostic system.