The paper addresses the challenge of simultaneous wireless information and power transfer (SWIPT) by proposing a general receiver operation called dynamic power splitting (DPS). DPS allows the received signal to be dynamically split into two streams with adjustable power ratios for energy harvesting and information decoding. Three special cases of DPS—time switching (TS), static power splitting (SPS), and on-off power splitting (OPS)—are investigated. The paper introduces two receiver architectures: separated and integrated information and energy receivers. The integrated receiver integrates the front-end components of the separated receiver, reducing the form factor. The rate-energy tradeoff for both architectures is characterized using a rate-energy (R-E) region. The optimal transmission strategy is derived to achieve different rate-energy tradeoffs. Considering receiver circuit power consumption, it is shown that the OPS scheme is optimal for both receivers. For the ideal case with negligible receiver circuit power, the SPS scheme is optimal. The performance of the two receivers is compared under realistic system setups with practical modulation. The results provide insights into the optimal practical receiver design for SWIPT.The paper addresses the challenge of simultaneous wireless information and power transfer (SWIPT) by proposing a general receiver operation called dynamic power splitting (DPS). DPS allows the received signal to be dynamically split into two streams with adjustable power ratios for energy harvesting and information decoding. Three special cases of DPS—time switching (TS), static power splitting (SPS), and on-off power splitting (OPS)—are investigated. The paper introduces two receiver architectures: separated and integrated information and energy receivers. The integrated receiver integrates the front-end components of the separated receiver, reducing the form factor. The rate-energy tradeoff for both architectures is characterized using a rate-energy (R-E) region. The optimal transmission strategy is derived to achieve different rate-energy tradeoffs. Considering receiver circuit power consumption, it is shown that the OPS scheme is optimal for both receivers. For the ideal case with negligible receiver circuit power, the SPS scheme is optimal. The performance of the two receivers is compared under realistic system setups with practical modulation. The results provide insights into the optimal practical receiver design for SWIPT.