In this paper, we develop asymptotic analysis and simulation models to better understand the characteristics of performance and energy consumption in a multi-core processor design in which dynamic voltage scaling is used. Our asymptotic model is derived using Amdahl's law, Rent's rule and power equations to derive the optimum number of cores and their voltage levels. Our model can predict the possible impact of different multi-core processor configurations on the performance and energy consumption for given workload characteristics (e.g. available parallelism) and process technology parameters (e.g. ratios of dynamic and static energies to total energy). Through the asymptotic analysis and optimization based on the models, we can observe an asymptotic relationship between design parameters such as “the number of cores,” “core size” and “voltage scaling strategies” of a multi-core architecture with regards to performance and energy consumption at an initial phase of the design.