1. In a memory subsystem having a memory controller connected via a memory channel to multiple memory modules, a method comprising: tracking each operation issued to the memory channel to determine an operational state of each memory module; calculating a current power consumption of the memory subsystem utilizing each operational state along with one or more of a plurality of preset power usage parameters stored within the memory controller, said power usage parameters associated with memory components within the memory subsystem and the memory subsystem; and controlling the level of power consumption within the memory subsystem by intelligently scheduling the issuing of new operations to the memory channel.