1. A system with a computer implementation of performance profiling for performance analysis, the system comprising: an application instrumentation for inserting probe points into a target application program so that at run-time, performance profiling can be done by enabling those probe points; an application dynamic tracing, with selected targets and overhead budget, for profiling the target application performance during its execution; and a performance data analyzer tier analyzing the application performance data output by the application dynamic tracing, wherein the application instrumentation, application dynamic tracing and performance data analyzer cooperate to enable dynamic function-level hardware performance profiling for application performance analysis.