An example method is provided to perform centralized power management for a distributed storage system accessible by a cluster in a virtualized computing environment. The method may comprise a management entity identifying a first host from the cluster to enter into a partial suspend mode, and selecting a second host from the cluster to take control of a storage controller of the first host. The method may further comprise the management entity transferring control of the storage controller to the second host to allow the second host to control the storage controller via a network controller of the first host; and instructing the first host to enter into the partial suspend mode to suspend operations of one or more components of the first host while the storage controller is controllable by the second host via the network controller.