Approximate Computing has recently drawn interest due to its promise to substantially decrease the power consumption of integrated circuits. By tolerating a certain imprecision at a circuit output, the circuit can be operated at a more resource-saving state. For instance, parts of the circuit could be switched off or driven at sub-threshold voltage. Clearly, not all applications are suitable for this approach. Especially applications from the signal and image processing domain are applicable, due to their intrinsic tolerance to imprecision. But even for these circuits, one has to be very careful where to approximate a circuit and to what extent, in order not to fall below a minimum required QoS. In this paper we are presenting an approach to generate approximate circuits from existing deterministic implementations. The flow reaches from application-driven QoS definition down to approximated RTL. We are employing FPGA-based fault emulation of the circuit in order to find out how faults, i.e. imprecisions in the circuit, affect the overall circuit behavior. Most existing approaches only consider combinational circuits. Our proposed methodology is able to approximate complete sequential circuits. Due to the FPGA-based emulation, our approach is very fast and accurate. And furthermore, it allows us to fine-granular tune the resulting precision to the required QoS, in order to get the most out of the approximation.