A computer-implemented system and method for generating a hardware implementation of graphical code. The method may operate to configure an instrument to perform measurement functions, wherein the instrument includes a programmable hardware element. The method comprises first creating a graphical program, wherein the graphical program may implement a measurement function. A portion of the graphical program may optionally be compiled into machine code for execution by a CPU, and another portion of the graphical program may be converted into a hardware implementation on a programmable hardware element. The programmable hardware element is configured utilizing a hardware description to produce a configured hardware element. The configured hardware element thus implements a hardware implementation of the second portion of the graphical program. During generation of the hardware implementation, the computer system may operate to estimate and/or display one or more of size and cost of a hardware implementation of the graphical program. In one embodiment, the graphical program manipulates one or more hardware resources of an instrument, and an indication of usage of the one or more hardware resources are displayed during creation of the graphical program. Probes may also be inserted into the graphical program, wherein corresponding probe elements are placed in the hardware implementation to implement the probe function.