A system and corresponding method for generating electric power from a rotating tire's mechanical energy concerns a piezoelectric power generation device associated with a power harvesting and conditioning module. The piezoelectric structure is preferably mounted within a tire structure such that electric charge is generated therein as the wheel assembly moves along a ground surface. The electrodes of the piezoelectric structure are coupled to a power harvesting and conditioning module that rectifies the resultant electric current from the piezoelectric structure, conditions and stores it in a multi-stage energy storage device, preferably a plurality of capacitors. A regulated voltage source is provided from the energy stored in the power generation device and can be used to selectively power various electronics systems integrated within a tire or wheel assembly. An example of an integrated tire electronics system for use with the disclosed power generation device corresponds to a tire monitoring system that wirelessly transmits such information as tire pressure, temperature and identification variables to a remote receiver location.