A system that records performance parameters from a computer system. During operation, the system periodically monitors performance parameters from the computer system and records the monitored performance parameters in a first storage space. Next, the system recurrently compresses the recorded performance parameters. This involves: (1) compressing the recorded performance parameters from the first storage space; (2) if insufficient space is available in a second storage space which is used to store compressed performance parameters, further compressing data in the second storage space to make room for the compressed performance parameters from the first storage space; and (3) storing the compressed performance parameters from the first storage space in the second storage space.