A system and method for profiling a network application may provide for operating on context-specific data and costs. The system may include an apparatus for associating local extended address elements with a message sent from a first computing system to a second computing system across a network. The second computing system may store the received information as remote extended address information and may store its own local extended address information. An event agent may capture values of local and/or remote extended address elements in response to detecting the message or another system event and may associate the extended address elements with the message or system event in an event set accessible by a data space profiler. The extended address information may include time stamps. An event agent may determine network latency dependent on time stamps of messages and may generate an event if the latency exceeds a predetermined threshold.