We present the characterization of a highly segmented “large area” hybrid pixel detector (Timepix3, 512 × 512 pixels, pixel pitch 55 µm) for application in space experiments. We demonstrate that the nominal power consumption of 6 W can be reduced by changing the settings of the Timepix3 analog front-end and reducing the matrix clock frequency (from the nominal 40 MHz to 5 MHz) to 2 W (in the best case). We then present a comprehensive study of the impact of these changes on the particle tracking performance, the energy resolution and time stamping precision by utilizing data measured at the Super-Proton-Synchrotron (SPS) at CERN and at the Danish Center for Particle Therapy (DCPT). While the impact of the slower sampling frequency on energy measurement can be mitigated by prolongation of the falling edge of the analog signal, we find a reduction of the time resolution from 1.8 ns (in standard settings) to 5.6 ns (in analog low-power), which is further reduced utilizing a lower sampling clock (e.g., 5 MHz, in digital low-power operation) to 73.5 ns. We have studied the temperature dependence of the energy measurement for ambient temperatures between −20 °C and 50 °C separately for the different settings.