This work proposes three different methods to automatically characterize heterogeneous MPSoCs composed of a variable number of masters (in the form of processors) and hardware accelerators (HWaccs). These hardware accelerators are given as Behavioral IPs (BIPs) mapped as loosely coupled accelerators on a shared bus system (i.e. AHB, AXI). BIPs have a distinct advantage over traditional RT-level based IPs given VHDL or Verilog: The ability to generate micro-architectures with different area vs. performance trade-offs from the same description. This is usually done by specifying different synthesis directives in the form of pragmas. This in turn implies that using different mixes of the accelerators’ micro-architectures lead to SoCs with unique area vs. performance trade-offs. Two of the three methods proposed are based on cycle-accurate simulations of the complete MPSoC, while the third method accelerates this exploration by performing it on a Configurable SoC FPGA. Extensive experimental results compare these three methods and highlight their strengths and weaknesses.