diff --git a/lib/vector-core/src/metrics/label_filter.rs b/lib/vector-core/src/metrics/label_filter.rs
index 1f6d5283e548f..48cb1513752ac 100644
--- a/lib/vector-core/src/metrics/label_filter.rs
+++ b/lib/vector-core/src/metrics/label_filter.rs
@@ -10,7 +10,6 @@ impl LabelFilter for VectorLabelFilter {
         key == "component_id"
             || key == "component_type"
             || key == "component_kind"
-            || key == "component_name"
             || key == "buffer_type"
     }
 }
diff --git a/src/config/source.rs b/src/config/source.rs
index b700a93f650e5..c67eb45915a11 100644
--- a/src/config/source.rs
+++ b/src/config/source.rs
@@ -181,7 +181,7 @@ impl SourceContext {
         if config.enabled() {
             warn!(
                 message = "Enabling `acknowledgements` on sources themselves is deprecated in favor of enabling them in the sink configuration, and will be removed in a future version.",
-                component_name = self.key.id(),
+                component_id = self.key.id(),
             );
         }
 
diff --git a/src/topology/builder.rs b/src/topology/builder.rs
index dc8f268258b1c..73ece17c2fa11 100644
--- a/src/topology/builder.rs
+++ b/src/topology/builder.rs
@@ -219,8 +219,6 @@ impl<'a> Builder<'a> {
                 component_kind = "source",
                 component_id = %key.id(),
                 component_type = %source.inner.get_component_name(),
-                // maintained for compatibility
-                component_name = %key.id(),
             );
             let _entered_span = span.enter();
 
@@ -428,8 +426,6 @@ impl<'a> Builder<'a> {
                 component_kind = "transform",
                 component_id = %key.id(),
                 component_type = %transform.inner.get_component_name(),
-                // maintained for compatibility
-                component_name = %key.id(),
             );
 
             // Create a map of the outputs to the list of possible definitions from those outputs.
@@ -514,8 +510,6 @@ impl<'a> Builder<'a> {
                 component_kind = "sink",
                 component_id = %key.id(),
                 component_type = %sink.inner.get_component_name(),
-                // maintained for compatibility
-                component_name = %key.id(),
             );
             let _entered_span = span.enter();
 
@@ -634,8 +628,6 @@ impl<'a> Builder<'a> {
                                     component_kind = "sink",
                                     component_type = typetag,
                                     component_id = %component_key.id(),
-                                    // maintained for compatibility
-                                    component_name = %component_key.id(),
                                 );
                                 Err(TaskError::wrapped(error))
                             }
@@ -645,8 +637,6 @@ impl<'a> Builder<'a> {
                                     component_kind = "sink",
                                     component_type = typetag,
                                     component_id = %component_key.id(),
-                                    // maintained for compatibility
-                                    component_name = %component_key.id(),
                                 );
                                 Err(TaskError::wrapped(Box::new(e)))
                             }
diff --git a/src/topology/running.rs b/src/topology/running.rs
index e7e65a7cae092..aaee1a5eddbdf 100644
--- a/src/topology/running.rs
+++ b/src/topology/running.rs
@@ -845,8 +845,6 @@ impl RunningTopology {
             component_kind = "sink",
             component_id = %task.id(),
             component_type = %task.typetag(),
-            // maintained for compatibility
-            component_name = %task.id(),
         );
 
         let task_span = span.or_current();
@@ -888,8 +886,6 @@ impl RunningTopology {
             component_kind = "transform",
             component_id = %task.id(),
             component_type = %task.typetag(),
-            // maintained for compatibility
-            component_name = %task.id(),
         );
 
         let task_span = span.or_current();
@@ -931,8 +927,6 @@ impl RunningTopology {
             component_kind = "source",
             component_id = %task.id(),
             component_type = %task.typetag(),
-            // maintained for compatibility
-            component_name = %task.id(),
         );
 
         let task_span = span.or_current();
diff --git a/website/content/en/highlights/2023-11-07-0-34-0-upgrade-guide.md b/website/content/en/highlights/2023-11-07-0-34-0-upgrade-guide.md
index 318f7cf5513d0..96ec22414075b 100644
--- a/website/content/en/highlights/2023-11-07-0-34-0-upgrade-guide.md
+++ b/website/content/en/highlights/2023-11-07-0-34-0-upgrade-guide.md
@@ -12,6 +12,7 @@ badges:
 Vector's 0.34.0 release includes **breaking changes**:
 
 1. [Removal of Deprecated Datadog Component Config Options](#datadog-deprecated-config-options)
+1. [Removal of Deprecated `component_name` Metric Tag](#deprecated-component-name)
 
 We cover them below to help you upgrade quickly:
 
@@ -26,3 +27,7 @@ and Metrics sinks. Instead the `site` option should be used.
 
 The `region` and `application_key` config options have
 been removed from the Enterprise configuration. Instead of `region`, `site` should be used. `application_key` is no longer required.
+
+#### Removal of Deprecated `component_name` Metric Tag {#deprecated-component-name}
+
+The deprecated `component_name` tag has been removed from all internal metrics. Instead the `component_id` tag should be used.
diff --git a/website/cue/reference/components/sources/internal_metrics.cue b/website/cue/reference/components/sources/internal_metrics.cue
index e399573e7d91a..8a0bc527cddc3 100644
--- a/website/cue/reference/components/sources/internal_metrics.cue
+++ b/website/cue/reference/components/sources/internal_metrics.cue
@@ -1094,7 +1094,6 @@ components: sources: internal_metrics: {
 		_component_tags: _internal_metrics_tags & {
 			component_kind: _component_kind
 			component_id:   _component_id
-			component_name: _component_name
 			component_type: _component_type
 		}
 
@@ -1117,11 +1116,6 @@ components: sources: internal_metrics: {
 			required:    true
 			examples: ["my_source", "my_sink"]
 		}
-		_component_name: {
-			description: "Deprecated, use `component_id` instead. The value is the same as `component_id`."
-			required:    true
-			examples: ["my_source", "my_sink"]
-		}
 		_component_type: {
 			description: "The Vector component type."
 			required:    true