Systems and methods are disclosed that may be implemented to dynamically allocate relative power consumption between a group of multiple information handling system nodes that share a common (e.g., capacity-limited) power supply or source of power. The relative power consumption of the multiple information handling system nodes may be adjusted based on real time power consumption of each of the individual information handling system nodes, as well as the need for additional power by one or more of the individual information handling system nodes. A group of multiple information handling system nodes may dynamically communicate power usage characteristics in a distributed manner between themselves to implement a peer-to-peer acknowledgement architecture, or alternatively may communicate power usage characteristics to a centralized power manager.