One embodiment of the present invention provides a system that samples instructions on a processor that supports speculative-execution. The system starts by selecting an instruction, wherein selecting an instruction involves selecting an instruction that is received from an instruction fetch unit or a deferred queue, wherein the deferred queue holds deferred instructions which are deferred because of an unresolved data dependency. The system then records information about the selected instruction during execution of the selected instruction, whereby the recorded information can be used to determine the performance of the processor.