A typical instruction memory design exploration process using simulation tools for various cache parameters is a rather time-consuming process, even for low complexity applications. In order to design a power efficient memory hierarchy of an embedded system, a huge number of system simulations are needed for all the different instruction memory hierarchies, because many cache memory parameters should be explored. Exhaustive search of design space using simulation is too slow procedure and needs hundreds of simulations to find the optimal cache configuration. This chapter provides fast and accurate estimates of a multi-level instruction memory hierarchy. Using a detail methodology for estimating the number of instruction cache misses of the instruction cache levels and power models; we estimate within a reasonable time the power consumption among these hierarchies. In order to automate the estimation procedure, a novel software tool named FICA implements the proposed methodology, which automatically estimates the total energy in instruction memory hierarchy and reports the optimal one.