Computing devices often utilize a graphics processing unit (GPU) to accelerate the rendering of graphics data for display. Such computing devices may include, e.g., computer workstations, mobile phones such as so-called smartphones, embedded systems, personal computers, tablet computers, and video game consoles. A host central processing unit (CPU) may control the operation of the GPU by issuing one or more graphics processing commands to the GPU. Modern day CPUs are typically capable of concurrently executing multiple applications, each of which may need to utilize the GPU during execution to meet one or more scheduling deadlines. The arbitration of GPU resources between the different applications that are currently executing on the host CPU can pose a significant challenge to a host CPU, particularly in cases where certain applications may require high priority access to the GPU.