Methods, systems, and computer readable media for controlling processor card power consumption are disclosed. In one example, the method is conducted in a network test equipment chassis that includes a plurality of processor cards that implements network testing functions. The method includes detecting an event or status associated with one of the plurality of processor cards and determining whether the event or status satisfies a condition of at least one power management rule. In response to determining that the event or status satisfies a condition of the at least one power management rule, the method further includes adjusting power consumption of the processor card in the network test equipment in accordance with the at least one power management rule.