A system power monitor circuit and method implemented in a system including multiple power supplies measures and scales the power supply output current value at each power supply as a ratio of the power supply output voltage and a reference voltage. Scaled power supply output current values are combined to provide a single system current signal that is referenced to the same reference voltage value being the system voltage signal. The system power is determined from the system current signal and the system voltage signal. In some embodiment, a power supply output voltage of a selected power supply is used as the reference voltage.