An energy measurement system (“EMS”) and techniques for correlating energy consumption to computing system activity. The EMS includes a data acquisition module, a processing module, and optionally a visualization module. The data acquisition module receives and transmits to the processing unit a number of sampled data streams, referred to as “data acquisition traces,” associated with a computing system under test (“SUT”). The processing module concurrently receives one or more system traces from the SUT, which are produced by particular components under examination by the EMS. Synchronization is established between the data acquisition traces and the system trace(s) when the SUT executes certain predetermined actions to produce data in both the data acquisition traces and the system trace(s), which data is used to logically align the traces. Then, as test scenarios are executed by the SUT, changes are monitored in the traces, and energy consumption is quantified.