A bus arbitration system, a method of connecting a master device and a peripheral over a bus system of an IC and an IC is provided. In one embodiment, the bus arbitration system includes: (1) a bus system configured to couple master devices to peripherals, port arbiters coupled to the bus system, wherein each of the port arbiters uniquely corresponds to one of the peripherals and is configured to manage access to the uniquely corresponding peripheral and a request splitter configured to receive connection requests from the master devices for the peripherals and direct the connection requests to a specific one of the port arbiters according to a port identifier associated with each of the connection requests.