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Ecologists seek a general scheme to classify the diversity of plant responses to environmental factors into a few strategies (e.g. competitor—C, stress tolerant—S, ruderal—R), while plant physiologists seek a mechanistic scheme to explain such different responses (e.g. tolerance, escape, avoidance). So far, few attempts have been made to combine both perspectives into plant eco‐physiological strategies. Moreover, the relative contribution of different strategies to maintain both community structure and ecosystem functioning during drought has rarely been assessed. Thus, limiting our capacity to predict how extreme events caused by climate change will affect plant communities.Here, we present an integrated framework to identify plant eco‐physiological strategies and to estimate their contribution to community originality (diversity of trait combinations), dominance (species relative frequency) and ecosystem functioning (productivity and evapotranspiration).We applied this framework in a tropical montane grassland in Brazil (Campos de Altitude) and found three eco‐physiological strategies co‐occurring in this community (S‐tolerance/avoidance, CS‐escape/tolerance and CR‐escape/avoidance). While CS‐species contributed more to dominance and functionality, CR‐ and S‐species contributed more to originality. Therefore, all three strategies were important to support the grassland form and function.Synthesis. Plants exhibit different strategies, as well as different contributions to community and ecosystem attributes. We developed an integrated approach to both identify strategies and estimate their relative contribution. Thereby, as droughts intensify, we can better predict which plants are more likely to be lost and how their loss will impact the communities and ecosystem where they occur. This knowledge is necessary for specifying conservation priorities and for developing more efficient conservation practices. [ABSTRACT FROM AUTHOR]