An analysis system may perform network analysis on data gathered from an executing application. The analysis system may identify relationships between code elements and use tracer data to quantify and classify various code elements. In some cases, the analysis system may operate with only data gathered while tracing an application, while other cases may combine static analysis data with tracing data. The network analysis may identify groups of related code elements through cluster analysis, as well as identify bottlenecks from one to many and many to one relationships. The analysis system may generate visualizations showing the interconnections or relationships within the executing code, along with highlighted elements that may be limiting performance.