System and method for static memory allocation (SMA) in a graphical programming system. A graphical program (GP) may be created in response to user input, comprising nodes interconnected by wires for inter-node communication, which visually indicates functionality of the program, and includes a plurality of data elements. The GP is programmatically analyzed to determine: memory requirements for each of the data elements, and one or more subsets of the data elements that can share a memory block, e.g., by traversing the GP to determine one or more static paths, each comprising a path of wire along which a single statically allocated memory block can be used. One or more SMAs are programmatically included in the GP in response, executable to statically allocate a shared memory block for each subset. The GP may be executed, including executing the SMAs to statically allocate the shared memory blocks for each of the subsets.