Single-inductor multiple-output (SIMO) switching dc-dc power converter architecture is a cost-effective alternative to multiple individual switching power converters solution in many power distribution system applications where multiple voltage rails are required at reduced cost. However, with multiple output voltage rails coupled to the same switching node, the SIMO power converters suffer from cross regulation between the multiple outputs, which complicates the closed-loop controller design of the SIMO converter and degrades regulation performance. In this paper, a power-multiplexed (PM) control scheme is proposed aiming to completely decouple the operations of multiple outputs from one another. The proposed PM control scheme results in eliminating the cross regulation among the multiple outputs while maintaining desired voltage regulation performance for each output under both steady-state and dynamic operations. Low-cost microcontroller or analog circuitries can be used to implement the proposed controller. Experimental proof of concept prototype results verify the feasibility and advantages of the proposed controller.