1. A method comprising: receiving, from a first component, an indication of a first frequency/voltage pair; setting an operating frequency of a second component equal to a frequency of the first frequency/voltage pair; receiving, from a third component, an indication of a voltage offset; determining a target voltage based, at least in part, on the voltage offset and the voltage of the first frequency/voltage pair, wherein the target voltage is different from the voltage of the first frequency/voltage pair; determining whether the target voltage is less than a minimum voltage; responsive to determining that the target voltage is less than the minimum voltage, setting an operating voltage of the second component equal to the minimum voltage without modifying the operating frequency of the second component; and responsive to a determination that the target voltage is not less than the minimum voltage, setting the operating voltage of the second component equal to the target voltage without modifying the operating frequency of the second component; wherein the first frequency/voltage pair is specified as a first performance state, wherein the voltage offset specifies a second performance state relative to the first performance state, and wherein the target voltage is a voltage associated with the second performance state.