diff --git a/packages/presentation/presentation_publishing/interfaces/publishes_phase_events.ts b/packages/presentation/presentation_publishing/interfaces/publishes_phase_events.ts
index 72dbf70393a90..967cbf2508d9a 100644
--- a/packages/presentation/presentation_publishing/interfaces/publishes_phase_events.ts
+++ b/packages/presentation/presentation_publishing/interfaces/publishes_phase_events.ts
@@ -21,11 +21,11 @@ export interface PhaseEvent {
 }
 
 export interface PublishesPhaseEvents {
-  onPhaseChange: PublishingSubject<PhaseEvent | undefined>;
+  phase$: PublishingSubject<PhaseEvent | undefined>;
 }
 
 export const apiPublishesPhaseEvents = (
   unknownApi: null | unknown
 ): unknownApi is PublishesPhaseEvents => {
-  return Boolean(unknownApi && (unknownApi as PublishesPhaseEvents)?.onPhaseChange !== undefined);
+  return Boolean(unknownApi && (unknownApi as PublishesPhaseEvents)?.phase$ !== undefined);
 };
diff --git a/src/plugins/dashboard/public/dashboard_container/component/grid/dashboard_grid_item.tsx b/src/plugins/dashboard/public/dashboard_container/component/grid/dashboard_grid_item.tsx
index b0413b9fa3c46..583a867351b3b 100644
--- a/src/plugins/dashboard/public/dashboard_container/component/grid/dashboard_grid_item.tsx
+++ b/src/plugins/dashboard/public/dashboard_container/component/grid/dashboard_grid_item.tsx
@@ -103,6 +103,7 @@ export const Item = React.forwardRef<HTMLDivElement, Props>(
         showBorder: useMargins,
         showNotifications: true,
         showShadow: false,
+        onPanelStatusChange,
       };
 
       // render React embeddable
@@ -123,7 +124,6 @@ export const Item = React.forwardRef<HTMLDivElement, Props>(
         <EmbeddablePanel
           key={type}
           index={index}
-          onPanelStatusChange={onPanelStatusChange}
           embeddable={() => container.untilEmbeddableLoaded(id)}
           {...panelProps}
         />
diff --git a/src/plugins/embeddable/public/lib/embeddables/compatibility/legacy_embeddable_to_api.ts b/src/plugins/embeddable/public/lib/embeddables/compatibility/legacy_embeddable_to_api.ts
index 8253fabe9a8f3..8385f9010e7e2 100644
--- a/src/plugins/embeddable/public/lib/embeddables/compatibility/legacy_embeddable_to_api.ts
+++ b/src/plugins/embeddable/public/lib/embeddables/compatibility/legacy_embeddable_to_api.ts
@@ -103,7 +103,7 @@ export const legacyEmbeddableToApi = (
   /**
    * Performance tracking
    */
-  const onPhaseChange = new BehaviorSubject<PhaseEvent | undefined>(undefined);
+  const phase$ = new BehaviorSubject<PhaseEvent | undefined>(undefined);
 
   let loadingStartTime = 0;
   subscriptions.add(
@@ -132,7 +132,7 @@ export const legacyEmbeddableToApi = (
         })
       )
       .subscribe((statusOutput) => {
-        onPhaseChange.next(statusOutput);
+        phase$.next(statusOutput);
       })
   );
 
@@ -252,7 +252,7 @@ export const legacyEmbeddableToApi = (
       dataLoading,
       blockingError,
 
-      onPhaseChange,
+      phase$,
 
       onEdit,
       isEditingEnabled,
diff --git a/src/plugins/embeddable/public/lib/embeddables/embeddable.test.tsx b/src/plugins/embeddable/public/lib/embeddables/embeddable.test.tsx
index 3ff28fe7d5608..2269328503ba4 100644
--- a/src/plugins/embeddable/public/lib/embeddables/embeddable.test.tsx
+++ b/src/plugins/embeddable/public/lib/embeddables/embeddable.test.tsx
@@ -118,7 +118,7 @@ test('updating output state retains instance information', async () => {
 test('fires phase events when output changes', async () => {
   const phaseEventTest = new PhaseTestEmbeddable();
   let phaseEventCount = 0;
-  phaseEventTest.onPhaseChange.subscribe((event) => {
+  phaseEventTest.phase$.subscribe((event) => {
     if (event) {
       phaseEventCount++;
     }
diff --git a/src/plugins/embeddable/public/lib/embeddables/embeddable.tsx b/src/plugins/embeddable/public/lib/embeddables/embeddable.tsx
index fb6a093d54817..d27fd62148a27 100644
--- a/src/plugins/embeddable/public/lib/embeddables/embeddable.tsx
+++ b/src/plugins/embeddable/public/lib/embeddables/embeddable.tsx
@@ -127,7 +127,7 @@ export abstract class Embeddable<
       dataLoading: this.dataLoading,
       filters$: this.filters$,
       blockingError: this.blockingError,
-      onPhaseChange: this.onPhaseChange,
+      phase$: this.phase$,
       setPanelTitle: this.setPanelTitle,
       linkToLibrary: this.linkToLibrary,
       hidePanelTitle: this.hidePanelTitle,
@@ -168,7 +168,7 @@ export abstract class Embeddable<
   public panelTitle: LegacyEmbeddableAPI['panelTitle'];
   public dataLoading: LegacyEmbeddableAPI['dataLoading'];
   public filters$: LegacyEmbeddableAPI['filters$'];
-  public onPhaseChange: LegacyEmbeddableAPI['onPhaseChange'];
+  public phase$: LegacyEmbeddableAPI['phase$'];
   public linkToLibrary: LegacyEmbeddableAPI['linkToLibrary'];
   public blockingError: LegacyEmbeddableAPI['blockingError'];
   public setPanelTitle: LegacyEmbeddableAPI['setPanelTitle'];
diff --git a/src/plugins/embeddable/public/react_embeddable_system/react_embeddable_renderer.test.tsx b/src/plugins/embeddable/public/react_embeddable_system/react_embeddable_renderer.test.tsx
index 84cfa78e983b0..e8ba94e61a125 100644
--- a/src/plugins/embeddable/public/react_embeddable_system/react_embeddable_renderer.test.tsx
+++ b/src/plugins/embeddable/public/react_embeddable_system/react_embeddable_renderer.test.tsx
@@ -7,7 +7,7 @@
  */
 import { getMockPresentationContainer } from '@kbn/presentation-containers/mocks';
 import { setStubKibanaServices as setupPresentationPanelServices } from '@kbn/presentation-panel-plugin/public/mocks';
-import { render, waitFor, screen } from '@testing-library/react';
+import { render, waitFor, screen, fireEvent } from '@testing-library/react';
 
 import React from 'react';
 import { BehaviorSubject } from 'rxjs';
@@ -15,36 +15,36 @@ import { registerReactEmbeddableFactory } from './react_embeddable_registry';
 import { ReactEmbeddableRenderer } from './react_embeddable_renderer';
 import { ReactEmbeddableFactory } from './types';
 
-describe('react embeddable renderer', () => {
-  const testEmbeddableFactory: ReactEmbeddableFactory<{ name: string; bork: string }> = {
-    type: 'test',
-    deserializeState: jest.fn().mockImplementation((state) => state.rawState),
-    buildEmbeddable: async (state, registerApi) => {
-      const api = registerApi(
-        {
-          serializeState: () => ({
-            rawState: {
-              name: state.name,
-              bork: state.bork,
-            },
-          }),
-        },
-        {
-          name: [new BehaviorSubject<string>(state.name), () => {}],
-          bork: [new BehaviorSubject<string>(state.bork), () => {}],
-        }
-      );
-      return {
-        Component: () => (
-          <div data-test-subj="superTestEmbeddable">
-            SUPER TEST COMPONENT, name: {state.name} bork: {state.bork}
-          </div>
-        ),
-        api,
-      };
-    },
-  };
+const testEmbeddableFactory: ReactEmbeddableFactory<{ name: string; bork: string }> = {
+  type: 'test',
+  deserializeState: jest.fn().mockImplementation((state) => state.rawState),
+  buildEmbeddable: async (state, registerApi) => {
+    const api = registerApi(
+      {
+        serializeState: () => ({
+          rawState: {
+            name: state.name,
+            bork: state.bork,
+          },
+        }),
+      },
+      {
+        name: [new BehaviorSubject<string>(state.name), () => {}],
+        bork: [new BehaviorSubject<string>(state.bork), () => {}],
+      }
+    );
+    return {
+      Component: () => (
+        <div data-test-subj="superTestEmbeddable">
+          SUPER TEST COMPONENT, name: {state.name} bork: {state.bork}
+        </div>
+      ),
+      api,
+    };
+  },
+};
 
+describe('react embeddable renderer', () => {
   const getTestEmbeddableFactory = async () => {
     return testEmbeddableFactory;
   };
@@ -185,6 +185,7 @@ describe('react embeddable renderer', () => {
         serializeState: expect.any(Function),
         resetUnsavedChanges: expect.any(Function),
         snapshotRuntimeState: expect.any(Function),
+        phase$: expect.any(Object),
       })
     );
   });
@@ -209,3 +210,104 @@ describe('react embeddable renderer', () => {
     );
   });
 });
+
+describe('reactEmbeddable phase events', () => {
+  it('publishes rendered phase immediately when dataLoading is not defined', async () => {
+    const immediateLoadEmbeddableFactory: ReactEmbeddableFactory<{ name: string; bork: string }> = {
+      ...testEmbeddableFactory,
+      type: 'immediateLoad',
+    };
+    registerReactEmbeddableFactory('immediateLoad', () =>
+      Promise.resolve(immediateLoadEmbeddableFactory)
+    );
+    setupPresentationPanelServices();
+
+    const renderedEvent = jest.fn();
+    render(
+      <ReactEmbeddableRenderer
+        type={'test'}
+        maybeId={'12345'}
+        onApiAvailable={(api) => {
+          api.phase$.subscribe((phase) => {
+            if (phase?.status === 'rendered') {
+              renderedEvent();
+            }
+          });
+        }}
+        getParentApi={() => ({
+          getSerializedStateForChild: () => ({
+            rawState: { name: 'Kuni Garu' },
+          }),
+        })}
+      />
+    );
+    await waitFor(() => expect(renderedEvent).toHaveBeenCalled());
+  });
+
+  it('publishes rendered phase event when dataLoading is complete', async () => {
+    const dataLoadingEmbeddableFactory: ReactEmbeddableFactory<{ name: string; bork: string }> = {
+      ...testEmbeddableFactory,
+      type: 'loadClicker',
+      buildEmbeddable: async (state, registerApi) => {
+        const dataLoading = new BehaviorSubject<boolean | undefined>(true);
+        const api = registerApi(
+          {
+            serializeState: () => ({
+              rawState: {
+                name: state.name,
+                bork: state.bork,
+              },
+            }),
+            dataLoading,
+          },
+          {
+            name: [new BehaviorSubject<string>(state.name), () => {}],
+            bork: [new BehaviorSubject<string>(state.bork), () => {}],
+          }
+        );
+        return {
+          Component: () => (
+            <>
+              <div data-test-subj="superTestEmbeddable">
+                SUPER TEST COMPONENT, name: {state.name} bork: {state.bork}
+              </div>
+              <button data-test-subj="clickToStopLoading" onClick={() => dataLoading.next(false)}>
+                Done loading
+              </button>
+            </>
+          ),
+          api,
+        };
+      },
+    };
+    registerReactEmbeddableFactory('loadClicker', () =>
+      Promise.resolve(dataLoadingEmbeddableFactory)
+    );
+    setupPresentationPanelServices();
+
+    const phaseFn = jest.fn();
+    render(
+      <ReactEmbeddableRenderer
+        type={'loadClicker'}
+        maybeId={'12345'}
+        onApiAvailable={(api) => {
+          api.phase$.subscribe((phase) => {
+            phaseFn(phase);
+          });
+        }}
+        getParentApi={() => ({
+          getSerializedStateForChild: () => ({
+            rawState: { name: 'Kuni Garu' },
+          }),
+        })}
+      />
+    );
+    await waitFor(() => {
+      expect(phaseFn).toHaveBeenCalledWith(expect.objectContaining({ status: 'loading' }));
+    });
+    await fireEvent.click(screen.getByTestId('clickToStopLoading'));
+    await waitFor(() => {
+      expect(phaseFn).toHaveBeenCalledWith(expect.objectContaining({ status: 'rendered' }));
+    });
+  });
+});
diff --git a/src/plugins/embeddable/public/react_embeddable_system/react_embeddable_renderer.tsx b/src/plugins/embeddable/public/react_embeddable_system/react_embeddable_renderer.tsx
index 98a7a42244bb4..509e5a758866d 100644
--- a/src/plugins/embeddable/public/react_embeddable_system/react_embeddable_renderer.tsx
+++ b/src/plugins/embeddable/public/react_embeddable_system/react_embeddable_renderer.tsx
@@ -8,9 +8,14 @@
 
 import { HasSerializedChildState, SerializedPanelState } from '@kbn/presentation-containers';
 import { PresentationPanel, PresentationPanelProps } from '@kbn/presentation-panel-plugin/public';
-import { ComparatorDefinition, StateComparators } from '@kbn/presentation-publishing';
+import {
+  apiPublishesDataLoading,
+  ComparatorDefinition,
+  PhaseEvent,
+  StateComparators,
+} from '@kbn/presentation-publishing';
 import React, { useEffect, useImperativeHandle, useMemo, useRef } from 'react';
-import { combineLatest, debounceTime, skip, switchMap } from 'rxjs';
+import { BehaviorSubject, combineLatest, debounceTime, skip, Subscription, switchMap } from 'rxjs';
 import { v4 as generateId } from 'uuid';
 import { getReactEmbeddableFactory } from './react_embeddable_registry';
 import { initializeReactEmbeddableState } from './react_embeddable_state';
@@ -58,13 +63,32 @@ export const ReactEmbeddableRenderer = <
   onAnyStateChange?: (state: SerializedPanelState<SerializedState>) => void;
 }) => {
   const cleanupFunction = useRef<(() => void) | null>(null);
+  const firstLoadCompleteTime = useRef<number | null>(null);
 
   const componentPromise = useMemo(
-    () =>
-      (async () => {
+    () => {
+      const uuid = maybeId ?? generateId();
+
+      /**
+       * Phase tracking instrumentation for telemetry
+       */
+      const phase$ = new BehaviorSubject<PhaseEvent | undefined>(undefined);
+      const embeddableStartTime = performance.now();
+      const reportPhaseChange = (loading: boolean) => {
+        if (firstLoadCompleteTime.current === null) {
+          firstLoadCompleteTime.current = performance.now();
+        }
+        const duration = firstLoadCompleteTime.current - embeddableStartTime;
+        phase$.next({ id: uuid, status: loading ? 'loading' : 'rendered', timeToEvent: duration });
+      };
+
+      /**
+       * Build the embeddable promise
+       */
+      return (async () => {
         const parentApi = getParentApi();
-        const uuid = maybeId ?? generateId();
         const factory = await getReactEmbeddableFactory<SerializedState, Api, RuntimeState>(type);
+        const subscriptions = new Subscription();
 
         const { initialState, startStateDiffing } = await initializeReactEmbeddableState<
           SerializedState,
@@ -84,23 +108,25 @@ export const ReactEmbeddableRenderer = <
             const comparatorDefinitions: Array<
               ComparatorDefinition<RuntimeState, keyof RuntimeState>
             > = Object.values(comparators);
-            combineLatest(comparatorDefinitions.map((comparator) => comparator[0]))
-              .pipe(
-                skip(1),
-                debounceTime(ON_STATE_CHANGE_DEBOUNCE),
-                switchMap(() => {
-                  const isAsync =
-                    apiRegistration.serializeState.prototype?.name === 'AsyncFunction';
-                  return isAsync
-                    ? (apiRegistration.serializeState() as Promise<
-                        SerializedPanelState<SerializedState>
-                      >)
-                    : Promise.resolve(apiRegistration.serializeState());
+            subscriptions.add(
+              combineLatest(comparatorDefinitions.map((comparator) => comparator[0]))
+                .pipe(
+                  skip(1),
+                  debounceTime(ON_STATE_CHANGE_DEBOUNCE),
+                  switchMap(() => {
+                    const isAsync =
+                      apiRegistration.serializeState.prototype?.name === 'AsyncFunction';
+                    return isAsync
+                      ? (apiRegistration.serializeState() as Promise<
+                          SerializedPanelState<SerializedState>
+                        >)
+                      : Promise.resolve(apiRegistration.serializeState());
+                  })
+                )
+                .subscribe((serializedState) => {
+                  onAnyStateChange(serializedState);
                 })
-              )
-              .subscribe((serializedState) => {
-                onAnyStateChange(serializedState);
-              });
+            );
           }
 
           const { unsavedChanges, resetUnsavedChanges, cleanup, snapshotRuntimeState } =
@@ -108,13 +134,17 @@ export const ReactEmbeddableRenderer = <
           const fullApi = {
             ...apiRegistration,
             uuid,
+            phase$,
             parentApi,
             unsavedChanges,
             type: factory.type,
             resetUnsavedChanges,
             snapshotRuntimeState,
           } as unknown as Api;
-          cleanupFunction.current = () => cleanup();
+          cleanupFunction.current = () => {
+            subscriptions.unsubscribe();
+            cleanup();
+          };
           onApiAvailable?.(fullApi);
           return fullApi;
         };
@@ -126,13 +156,22 @@ export const ReactEmbeddableRenderer = <
           parentApi
         );
 
+        if (apiPublishesDataLoading(api)) {
+          subscriptions.add(
+            api.dataLoading.subscribe((loading) => reportPhaseChange(Boolean(loading)))
+          );
+        } else {
+          reportPhaseChange(false);
+        }
+
         return React.forwardRef<typeof api>((_, ref) => {
           // expose the api into the imperative handle
           useImperativeHandle(ref, () => api, []);
 
           return <Component />;
         });
-      })(),
+      })();
+    },
     /**
      * Disabling exhaustive deps because we do not want to re-fetch the component
      * from the embeddable registry unless the type changes.
diff --git a/src/plugins/embeddable/public/react_embeddable_system/types.ts b/src/plugins/embeddable/public/react_embeddable_system/types.ts
index f0ff899f5df69..64514ac854b52 100644
--- a/src/plugins/embeddable/public/react_embeddable_system/types.ts
+++ b/src/plugins/embeddable/public/react_embeddable_system/types.ts
@@ -11,7 +11,12 @@ import {
   SerializedPanelState,
 } from '@kbn/presentation-containers';
 import { DefaultPresentationPanelApi } from '@kbn/presentation-panel-plugin/public/panel_component/types';
-import { HasType, PublishesUnsavedChanges, StateComparators } from '@kbn/presentation-publishing';
+import {
+  HasType,
+  PublishesPhaseEvents,
+  PublishesUnsavedChanges,
+  StateComparators,
+} from '@kbn/presentation-publishing';
 import { MaybePromise } from '@kbn/utility-types';
 import React from 'react';
 
@@ -25,6 +30,7 @@ export interface DefaultEmbeddableApi<
   RuntimeState extends object = SerializedState
 > extends DefaultPresentationPanelApi,
     HasType,
+    PublishesPhaseEvents,
     PublishesUnsavedChanges,
     HasSerializableState<SerializedState>,
     HasSnapshottableState<RuntimeState> {}
@@ -38,7 +44,13 @@ export type ReactEmbeddableApiRegistration<
   Api extends DefaultEmbeddableApi<SerializedState> = DefaultEmbeddableApi<SerializedState>
 > = Omit<
   Api,
-  'uuid' | 'parent' | 'type' | 'unsavedChanges' | 'resetUnsavedChanges' | 'snapshotRuntimeState'
+  | 'uuid'
+  | 'parent'
+  | 'type'
+  | 'unsavedChanges'
+  | 'resetUnsavedChanges'
+  | 'snapshotRuntimeState'
+  | 'phase$'
 >;
 
 /**
diff --git a/src/plugins/presentation_panel/public/panel_component/presentation_panel_internal.tsx b/src/plugins/presentation_panel/public/panel_component/presentation_panel_internal.tsx
index 2d46bca73d3b8..d910d2b063afc 100644
--- a/src/plugins/presentation_panel/public/panel_component/presentation_panel_internal.tsx
+++ b/src/plugins/presentation_panel/public/panel_component/presentation_panel_internal.tsx
@@ -84,7 +84,7 @@ export const PresentationPanelInternal = <
   useEffect(() => {
     let subscription: Subscription;
     if (api && onPanelStatusChange && apiPublishesPhaseEvents(api)) {
-      subscription = api.onPhaseChange.subscribe((phase) => {
+      subscription = api.phase$.subscribe((phase) => {
         if (phase) onPanelStatusChange(phase);
       });
     }