Most physicists are familiar with Hamilton's principle, which allows us to derive the equations of classical mechanics from the principle of stationary action, $$\delta S=0.\tag{1}$$
At the same time, there is Thomson's principle for circuits, which tells us that the current flowing in electric circuit that that which minimized the dissipated power,
$$ P = \sum R I^2. \tag{2}$$
In trying to couple an electrical circuit dynamics to an overdamped dynamics that must satisfy some constraints, I noticed that you can get the correct equations of motion for a conservative force if you minimize
$$ P = \frac{1}{2} b \dot{x}^2 + \frac{d U}{dx} \dot{x}, \tag{3}$$
over $\dot{x}$, i.e. $$\partial P/\partial \dot{x} = 0,\tag{4}$$ where the first term is the dissipated kinetic energy, and the second term is the time derivative of the potential $dU/dt$. This principle appears to work fine and can be used to get constrained overdamped dynamics using Lagrange multipliers. The first term looks a little bit like a Rayleigh dissipation function, but I haven't seen the second term in the textbooks I checked.
Have you seen this "principle" before, does it have a name, how is it related to other minimization/stationarity principles in physics?