This paper introduces a novel sensor-less, event-driven power analysis framework called FEPMA for providing highly accurate and nearly instantaneous estimates of power dissipation in an Android smartphone. The key idea is to collect and correctly record various events of interest within a smartphone as applications are running on the application processor within it. This is in turn done by instrumenting the Android operating system to provide information about power/performance state changes of various smartphone components at the lowest layer of the kernel to avoid time stamping delays and component state observability issues. This technique then enables one to perform fine-grained (in time and space) power metering in the smartphone. Experimental results show significant accuracy improvement compared to previous approaches and good fidelity with respect to actual current measurements. The estimation error of the proposed method is lower by a factor of two than the state-of-the-art method.