A system and method for performing efficient program instrumentation for memory profiling. A computing system comprises a memory profiler comprising a static binary instrumentation (SBI) tool and a dynamic binary analysis (DBA) tool. The profiler is configured to selectively instrument memory access operations of a software application. Instrumentation may be bypassed completely for an instruction if the instruction satisfies some predetermined conditions. Some sample conditions include the instruction accesses an address within a predetermined read-only area, the instruction accesses an address within a user-specified address range, and/or the instruction is a load instruction accessing a memory location determined from a data flow graph to store an initialized value. An instrumented memory access instruction may have memory checking analysis performed only upon an initial execution of the instruction in response to determining during initial execution that a read data value of the instruction is initialized. Both unnecessary instrumentation and memory checking analysis may be reduced.