A system and method for profiling a software application may include means for capturing profiling information corresponding to an instruction identified as having executed coincident with the occurrence of a runtime event, and for associating the profiling information with the event in an event set. In some embodiments, the identified instruction, which may have triggered the event, may be located in the program code sequence at a predetermined position relative to the current program counter value at the time the event was detected. The predetermined relative position may be fixed dependent on the processor architecture and may also be dependent on the event type. The predetermined relative position may be zero, indicating that when the event was detected, the program counter value corresponded to an instruction associated with the event. If the identified instruction is an ambiguity-creating instruction, an indication of ambiguity may be associated with the event.