New applications in embedded systems are becoming Increasingly dynamic. In addition to increased dynamism, they have massive data storage needs. Therefore, they rely heavily on dynamic, run-time memory allocation. The design and configuration of a dynamic memory allocation subsystem requires a big design effort, without always achieving the desired results. In this paper, we propose a fully automated exploration of dynamic memory allocation configurations. These configurations are fine tuned to the specific needs of applications with the use of a number of parameters. We assess the effectiveness of the proposed approach in two representative real-life case studies of the multimedia and wireless network domains and show up to 76% decrease in memory accesses and 66% decrease in memory footprint within the Pareto-optimal trade-off space.