Graphical development and deployment of parallel floating-point math functionality on a system with heterogeneous hardware components

System and method for configuring a system of heterogeneous hardware components, including at least one: programmable hardware element (PHE), digital signal processor (DSP) core, and programmable communication element (PCE). A program, e.g., a graphical program (GP), which includes floating point math functionality and which is targeted for distributed deployment on the system is created. Respective portions of the program for deployment to respective ones of the hardware components are automatically determined. Program code implementing communication functionality between the at least one PHE and the at least one DSP core and targeted for deployment to the at least one PCE is automatically generated. At least one hardware configuration program (HCP) is generated from the program and the code, including compiling the respective portions of the program and the program code for deployment to respective hardware components. The HCP is deployable to the system for concurrent execution of the program.