In this article, we present a simulation-based technique for estimation of signal statistics (switching activity and signal probability) at the flip-flop output nodes (state signals) of a general sequential circuit. Apart from providing an estimate of the power consumed by the flip-flops, this information is needed for calculating power in the combinational portion of the circuit. The statistics are computed by collecting samples obtained from fast RTL simulation of the circuit under input sequences that are either randomly generated or independently selected from user-specified pattern sets. An important advantage of this approach is that the desired accuracy can be specified up front by the user; with some approximation, the algorithm iterates until the specified accuracy is achieved. This approach has been implemented and tested on a number of sequential circuits and has been shown to handle very large sequential circuits that can not be handled by other existing methods, while using a reasonable amount of CPU time and memory (the circuit s38584.1, with 1426 flip-flops, can be analyzed in about 10 minutes).