The present disclosure pertains to a mechanical ventilator system configured to control a pressurized flow of breathable gas for delivery to a subject based on alveolar ventilation of the subject. The mechanical ventilator system comprises a pressure generator configured to generate the pressurized flow of breathable gas for delivery to the subject, the pressure generator configured to control one or more ventilation parameters of the pressurized flow of breathable gas according to a prescribed mechanical ventilation therapy regime; one or more sensors configured to generate output signals conveying information related to the alveolar ventilation of the subject; and one or more hardware processors configured by machine-readable instructions to: determine the alveolar ventilation of the subject based on the output signals; and cause the pressure generator to adjust the one or more ventilation parameters of the pressurized flow of breathable gas based on the determined alveolar ventilation.