Abstract-We present a study on estimating the dynamic power consumption of a processor based on performance counters. Today's processors feature a large number of such counters to monitor various CPU and memory parameters such as utilization, occupancy, bandwidth and, page, cache and branch buffer hit rates. The use of various sets of performance counters to estimate the power consumed by the processor has been demonstrated in the past. Our goal is to find out whether there exists a subset of counters that can be used to estimate, with sufficient accuracy, the dynamic power consumption of processors with varying microarchitecture. To this end we consider two recent processor configurations representing two extremes of the performance spectrum, one targeting low power, while the other high performance. Our results indicate that only three counters measuring (i) the number of fetched instructions, (ii) level 1 cache hits and (iii) dispatch stalls, are sufficient to achieve adequate precision. These counters are shown to be effective in predicting the dynamic power consumption across processors of varying resource sizes achieving a prediction accuracy of 95%.