The ever-increasing integration densities make it possible to configure multi-core systems composed of hundreds of blocks on existing FPGAs that may influence overall consumption differently. Observing total consumption is not sufficient to accurately assess internal circuit activity to be able to deploy effective adaptation strategies. In this case monitoring techniques are required. This paper presents a CAD flow for high-level dynamic power estimation on FPGAs. The method is based on the monitoring of toggling activity for relevant signals by introducing event counters. The appropriate signals are selected using the Greedy Stepwise filter. Our approach is based on a generic method that is able to produce a power model for any block-based circuit. We evaluated our contribution on a SoC RTL model implemented on Spartan3, Virtex5, and Spartan6 FPGAs. A power model and monitors are automatically generated to achieve the best tradeoff between accuracy and overhead.