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Recent advances in dynamic power management (DPM) techniques have resulted in designs that support a rich set of power management options, both at the hardware and software levels. This has resulted in an explosion of the design space when analyzing the system-level tradeoffs of candidate DPM strategy designs. This paper proposes a design space exploration methodology based on a high-level, multi-layered modeling framework that facilitates rapid estimation of system-wide energy by providing the designer with a global view of the system. The framework is based on the extended finite state machine formalism and abstracts the component power modes, the operating environment and the DPM architecture into interacting, concurrent layers within a single, unified model. The modeling framework is coupled with a symbolic simulation engine to allow for rapid traversal of the large design space. We first illustrate how the proposed model can be constructed by making reasonable assumptions on the system and workload parameters, and then we show how analysis of various candidate strategies can be performed using this model. Our aim is to provide a high-level model that can be used to quickly assess the impact of various power management decisions on the system-wide energy. The framework can also be a formal basis for design of energy efficient power management systems.