A method, system and computer program product for adaptive system monitoring. In one embodiment, the method comprises generating time-varying correlation graphs indicating correlations between a multitude of parameters of the system, and using the correlation graphs to identify monitoring logic for monitoring the system. In an embodiment, the correlation graphs are used to select a group of the parameters as monitoring parameters, and these monitoring parameters are dynamically changed. In one embodiment, the monitoring parameters form sets of monitoring parameters, and each set of monitoring parameters is used to monitor the system for an associated period of time. The lengths of these monitoring periods are changed based on the rate of change of the correlation graphs. In an embodiment, the rate at which the monitoring parameters are changed is itself changed based on the rate of change of the correlation graphs.