A method of implementing a power-based current limiting circuit in an information handling system includes providing a power supply having an output voltage operating range that can vary between a first voltage output level and a second voltage output level. The power supply output voltage is coupled to a load module via a switch. A power output of the power supply supplied to the load module is detected as a function of the load module current and the output voltage. Lastly, the switch is controlled between a first state and a second state in response to the detected power output.