This paper presents a novel power estimation scheme for programmable systems consisting of predesigned datapath and memory components. The proposed hybrid methodology yields highly accurate estimates within short runtimes by combining high-level simulation with analytical macromodeling of circuit characteristics. To assess its effectiveness in practice, we implemented our hybrid scheme into a power estimation tool, called HyPE, and applied it to explore various architectural alternatives in the design of a 256 state Viterbi decoder and a Rijndael encryptor. For designs with about 1 million transistors, our estimator terminates within seconds. Compared with industrial gate-level power estimators, our approach is up to 1,000 times faster with 5.4% deviation on average. © 2003 IEEE.