A method for profiling performance of a system includes steps of: monitoring execution of the system at multiple points during the system's operation; analyzing results derived from the monitoring in order to provide analyzed results; reconfiguring the monitoring non-uniformly according to the analyzed results; and repeatedly performing iterations of the above steps until a particular event occurs. The iterations may be terminated upon: reaching a specified level of analysis precision, determining a source of one or more performance bottlenecks, determining a source of unexpectedly high output or low completion time, completing a predefined number of iterations, reaching an endpoint of an application, or having performed iterations for a specified period of time.