We propose a trace-driven approach to predict the performance degradation of disk request response times due to storage device contention in consolidated virtualized environments. Our performance model evaluates a queueing network with fair share scheduling using trace-driven simulation. The model parameters can be deduced from measurements obtained inside Virtual Machines (VMs) from a system where a single VM accesses a remote storage server. The parameterized model can then be used to predict the effect of storage contention when multiple VMs are consolidated on the same virtualized server. The model parameter estimation relies on a search technique that tries to estimate the splitting and merging of blocks at the the Virtual Machine Monitor (VMM) level in the case of multiple competing VMs. Simulation experiments based on traces of the Postmark and FFSB disk benchmarks show that our model is able to accurately predict the impact of workload consolidation on VM disk IO response times.