Power aware equalization in a serial communications link that includes a transmitter and a receiver, including: determining, by a power aware equalization module, a required signal eye width and a required signal eye height for signals received by the receiver; identifying one or more signal equalizers for signals transmitted over the serial communications link; identifying one or more cumulative equalizer settings that equalize signals transmitted over the serial communications link to conform with the required signal eye width and the required signal eye height for signals received by the receiver; determining power consumption values associated with each of the one or more cumulative equalizer settings; and setting the one or more signal equalizers to configuration settings in dependence upon the power consumption values associated with each of the one or more cumulative equalizer settings.