1. A method for priority buffering of trace data in a computing system, the method comprising: receiving instances of trace data by a priority assignment module, the trace data being generated by events that occur during execution of computer software in the computing system; assigning a priority to each instance of trace data, wherein the priority is assigned based on the event that generated the instance of trace data; and inserting the instances of trace data into a plurality of priority buffers based on their respective assigned priorities.