Normally I use endpoints.
If you reverse engineer (in this case, reverse design) a game like any given Castlevania, you'll end up realizing there are a number of enemies that are staples to the game.
Formulae aren't just a chore to get things going, they help you adjust the flow, and there are a number of crazy things you can do with that aside from letting the player know an area is unsuited for him at this stage.
First, you do want to set up the kind of tempo you want as Tumestu stated in his own words.
For a casual game, you want to ensure the fight enemy can be killed in a single well-placed strike whereas, for a more grind-based game, you absolutely want to avoid that; the first enemy should take anywhere from 2 to 5 strikes before falling. Grinding, in this scenario, will allow the player to reduce the amount of hits it takes to kill an enemy.
One of the most important aspects of balancing a game like that is that stats 'don't matter' to the player. The result, however, does.
If your character attacks by 4 against an enemy with 8 hp, you will take 2 hits to kill it. Adding 1 power at this stage will be irrelevant because there will be no measurable difference. For this reason, you need to be able to scale your game as easily as possible. You might be tempted by bigger numbers, but smaller numbers here will be your best friends.
Have your character start with 1 power, and enemies with 1 hp for the sake of it. Quickly scale up enemies hp, and slowly character power.
You could do a chart of your optimal path:
Level 1 : 1 power
Level 2 : 2 power
Level 3 : 3 power
And then add three columns for three staple monsters you want to compare with.
Level 1 : 1 Power : 1 Hit : 2 Hits : 5 Hits
This would mean that, at level 1 (having 1 power) your character would take 1 hit to kill lowly scums, 2 hits for slightly more advanced dudes and 5 hits for mid/late game warriors.
You can even skip levels to have a broader idea:
Level 1 : 1 Power : 1 Hit : 2 Hits : 5 Hits
Level 5 : 5 Power : 1 Hit : 1 Hit : 1 Hit
Level 15 : 15 Power : 1 Hit : 1 Hit : 1 Hit
etc.
Once you have the relative "power" value for this level, you can start the maths and find the right formula that touches most of these endpoints.
You will probably want to do the same thing for your 'health' value as well.
In this case, do the opposite;
Calculate how many hits you can survive from enemies:
Level 1 : 1 Hp : 1 Hit : 1 Hit : 1 Hit
Level 2 : 2 Hp : 2 Hits : 1 Hit : 1 Hit
Level 3 : 3 Hp : 3 Hits : 2 Hits : 1 Hit
Etc.
Note that this will also help you define the values of HPs and Power for your enemies as well.
As for the actual formula, this is the 'easiest' part. It is basically just maths, if you are somewhat unfamiliar with that, there may be some tools out there (not game-related) that will find the formula you are seeking for based on endpoints.
Apparently, excel 2007 has a built-in tool for that. It may be worth investigating