Wireless communication is increasingly ubiquitous. However, mobility depends intrinsically on battery life. Power can be conserved at the Media Access Control (MAC) layer by intelligently adjusting transmission power level and data rate encoding. WirelessUSB is a low-power, low-latency wireless technology developed by Cypress Semiconductor Corporation for human interface devices such as keyboards and mice. WirelessUSB devices conserve power by employing power-efficient hardware, dynamic power level adjustment and dynamic data rate adjustment. We characterize the effects on power consumption of dynamically adjusting node power using two dynamic power negotiation techniques as well as two reactive techniques. We also characterize the effects of dynamically adjusting data rate using three rate adjustment techniques. We further characterize the effects of collaboratively adjusting both power and data rate. We validate our techniques through simulation and find that such collaboration yields the greatest energy conservation for a wide variety of conditions and usage models.