Benchmarking is a widely-used technique to quantify the performance of software systems. However, the design and implementation of a benchmarking study can face several challenges. In particular, the time required to perform a benchmarking study can quickly spiral out of control, owing to the number of distinct variables to systematically examine. In this paper, we propose IRIS, an IteRative and Intelligent Experiment Selection methodology, to maximize the information gain while minimizing the duration of the benchmarking process. IRIS selects the region to place the next experiment point based on the variability of both dependent, i.e., response, and independent variables in that region. It aims to identify a performance function that minimizes the response variable prediction error for a constant and limited experimentation budget. We evaluate IRIS for a wide selection of experimental, simulated and synthetic systems with one, two and three independent variables. Considering a limited experimentation budget, the results show IRIS is able to reduce the performance function prediction error up to 4.3 times compared to equal distance experiment point selection. Moreover, we show that the error reduction can further improve through system-specific parameter tuning. Analysis of the error distributions obtained with IRIS reveals that the technique is particularly effective in regions where the response variable is sensitive to changes in the independent variables.