An audio power management system manages operation of audio devices in an audio system. The audio power management system includes a parameter computer, a threshold comparator and a limiter. Audio signals generated with the audio system may be provided to the audio power management system. Based on a measured actual parameter of the audio signal, such as a real-time actual voltage and/or a real-time actual current, the parameter computer can derive estimated operational characteristics of audio devices, such as a loudspeaker included in the audio system. The threshold comparator may use the estimated operational characteristics to develop a threshold and manage operation of one of more devices in the audio system by monitoring the measured actual parameter, and selectively directing the limiter to adjust the audio signal, or another device in the audio system to protect or optimize performance.