A method, system, and computer program product for dynamic power and performance calibration of a data processing system are provided in the illustrative embodiments. A synthesized program loaded in the data processing system is executed responsive to detecting an event in the data processing system. The synthesized program is configured to generate a set of data that is indicative of the data processing system's power-performance characteristics under varying conditions of operation. Using the set of data, a determination is made of a performance limit on an operation of the data processing system under present operating conditions of the data processing system. A parameter of the data processing system is calibrated to operate the data processing system within the performance limit.