The present invention pertains to semiconductor memory devices, and particularly to a system and method for adaptively setting the operating voltages for SRAM for both Vtrip and SNM to reduce power while maintaining functionality and performance, based on modeling and characterizing a test structure. One embodiment comprises an SRAM array, a test structure that characterizes one or more parameters that are predictive of the SRAM functionality and outputs data of the parameters, a test controller that reads the parameters and identifies an operating voltage that satisfies predetermined yield criteria, and a voltage controller to set an operating voltage for the SRAM array based on the identified operating voltage. One method sets an operating voltage for an SRAM by reading test structure data of the parameters, analyzing the data to identify an operating voltage that satisfies predetermined yield criteria, and setting the operating voltage for the SRAM based on the identified operating voltage.