diff --git a/Sources/Brave/Frontend/Browser/BrowserViewController.swift b/Sources/Brave/Frontend/Browser/BrowserViewController.swift
index 6c2c84b99825..97fd9c0f029b 100644
--- a/Sources/Brave/Frontend/Browser/BrowserViewController.swift
+++ b/Sources/Brave/Frontend/Browser/BrowserViewController.swift
@@ -1331,7 +1331,8 @@ public class BrowserViewController: UIViewController {
         dataSource: backgroundDataSource,
         feedDataSource: feedDataSource,
         rewards: rewards,
-        privateBrowsingManager: privateBrowsingManager
+        privateBrowsingManager: privateBrowsingManager,
+        p3aUtils: braveCore.p3aUtils
       )
       // Donate NewTabPage Activity For Custom Suggestions
       let newTabPageActivity =
diff --git a/Sources/Brave/Frontend/Browser/New Tab Page/Backgrounds/NewTabPageP3AHelper.swift b/Sources/Brave/Frontend/Browser/New Tab Page/Backgrounds/NewTabPageP3AHelper.swift
new file mode 100644
index 000000000000..13c0b1883386
--- /dev/null
+++ b/Sources/Brave/Frontend/Browser/New Tab Page/Backgrounds/NewTabPageP3AHelper.swift	
@@ -0,0 +1,267 @@
+// Copyright 2023 The Brave Authors. All rights reserved.
+// This Source Code Form is subject to the terms of the Mozilla Public
+// License, v. 2.0. If a copy of the MPL was not distributed with this
+// file, You can obtain one at http://mozilla.org/MPL/2.0/.
+
+import Foundation
+import BraveCore
+import Preferences
+import OSLog
+import Growth
+
+protocol NewTabPageP3AHelperDataSource: AnyObject {
+  /// Whether or not Brave Rewards is enabled for the user.
+  ///
+  /// When Rewards/Ads is enabled, the Ads library will handle reporting NTP SI events as usual
+  var isRewardsEnabled: Bool { get }
+  /// The associated tab's active URL.
+  ///
+  /// Used to determine landing status of a clicked SI logo
+  var currentTabURL: URL? { get }
+}
+
+/// A P3A helper that will handle reporting dynamic P3A metrics around NTP SI interactions
+///
+/// A data source must be set in order to record events
+final class NewTabPageP3AHelper {
+  
+  private let p3aUtils: BraveP3AUtils
+  
+  private var registrations: [P3ACallbackRegistration?] = []
+  
+  weak var dataSource: NewTabPageP3AHelperDataSource?
+  
+  init(p3aUtils: BraveP3AUtils) {
+    self.p3aUtils = p3aUtils
+    
+    self.registrations.append(contentsOf: [
+      self.p3aUtils.registerRotationCallback { [weak self] type, isConstellation in
+        self?.rotated(type: type, isConstellation: isConstellation)
+      },
+      self.p3aUtils.registerMetricCycledCallback { [weak self] histogramName, isConstellation in
+        self?.metricCycled(histogramName: histogramName, isConstellation: isConstellation)
+      }
+    ])
+  }
+  
+  // MARK: - Record Events
+  
+  private var landingTimer: Timer?
+  private var expectedLandingURL: URL?
+  
+  /// Records an NTP SI event which will be used to generate dynamic P3A metrics
+  func recordEvent(
+    _ event: EventType,
+    on sponsoredImage: NTPSponsoredImageBackground
+  ) {
+    assert(dataSource != nil, "You must set a data source to record events")
+    if !p3aUtils.isP3AEnabled || dataSource!.isRewardsEnabled == true {
+      return
+    }
+    let creativeInstanceId = sponsoredImage.creativeInstanceId
+    updateMetricCount(creativeInstanceId: creativeInstanceId, event: event)
+    if event == .tapped {
+      expectedLandingURL = sponsoredImage.logo.destinationURL
+      landingTimer?.invalidate()
+      landingTimer = Timer.scheduledTimer(withTimeInterval: 10, repeats: false) { [weak self] _ in
+        guard let self = self, let dataSource = self.dataSource else { return }
+        if let expectedURL = self.expectedLandingURL, expectedURL.isWebPage(),
+           dataSource.currentTabURL?.host == expectedURL.host {
+          self.recordEvent(.landed, on: sponsoredImage)
+        }
+      }
+    }
+  }
+  
+  private func updateMetricCount(
+    creativeInstanceId: String,
+    event: EventType
+  ) {
+    let name = DynamicHistogramName(creativeInstanceId: creativeInstanceId, eventType: event)
+    
+    p3aUtils.registerDynamicMetric(name.histogramName, logType: .express)
+    
+    var countsStorage = fetchEventsCountStorage()
+    var eventCounts = countsStorage.eventCounts[name.creativeInstanceId, default: .init()]
+    
+    eventCounts.counts[name.eventType, default: 0] += 1
+    
+    countsStorage.eventCounts[name.creativeInstanceId] = eventCounts
+    
+    updateEventsCountStorage(countsStorage)
+  }
+  
+  // MARK: - Storage
+  
+  private func fetchEventsCountStorage() -> Storage {
+    guard let json = Preferences.NewTabPage.sponsoredImageEventCountJSON.value, !json.isEmpty else {
+      return .init()
+    }
+    do {
+      return try JSONDecoder().decode(Storage.self, from: Data(json.utf8))
+    } catch {
+      Logger.module.error("Failed to decode NTP SI Event storage: \(error)")
+      return .init()
+    }
+  }
+  
+  private func updateEventsCountStorage(_ storage: Storage) {
+    do {
+      let json = String(data: try JSONEncoder().encode(storage), encoding: .utf8)
+      Preferences.NewTabPage.sponsoredImageEventCountJSON.value = json
+    } catch {
+      Logger.module.error("Failed to encode NTP SI Event storage: \(error)")
+    }
+  }
+  
+  // MARK: - P3A Observers
+  
+  private func rotated(type: P3AMetricLogType, isConstellation: Bool) {
+    if type != .express || isConstellation {
+      return
+    }
+    if !p3aUtils.isP3AEnabled {
+      Preferences.NewTabPage.sponsoredImageEventCountJSON.value = nil
+      return
+    }
+    
+    let countBuckets: [Bucket] = [
+      0,
+      1,
+      2,
+      3,
+      .r(4...8),
+      .r(9...12),
+      .r(13...16),
+      .r(17...)
+    ]
+    
+    var countsStorage = fetchEventsCountStorage()
+    var totalActiveCreatives = 0
+    for (creativeInstanceId, eventCounts) in countsStorage.eventCounts {
+      for (eventType, count) in eventCounts.counts {
+        let name = DynamicHistogramName(creativeInstanceId: creativeInstanceId, eventType: eventType)
+        countsStorage.eventCounts[creativeInstanceId]?.inflightCounts[eventType] = count
+        UmaHistogramRecordValueToBucket(name.histogramName, buckets: countBuckets, value: count)
+        totalActiveCreatives += 1
+      }
+    }
+    updateEventsCountStorage(countsStorage)
+    
+    let creativeTotalHistogramName = DynamicHistogramName(
+      creativeInstanceId: "count",
+      eventType: .init(rawValue: "total")
+    ).histogramName
+    // Always send the creative total if ads are disabled (as per spec),
+    // or send the total if there were outstanding events sent
+    if dataSource?.isRewardsEnabled == false || totalActiveCreatives > 0 {
+      p3aUtils.registerDynamicMetric(creativeTotalHistogramName, logType: .express)
+      UmaHistogramRecordValueToBucket(creativeTotalHistogramName, buckets: countBuckets, value: totalActiveCreatives)
+    } else {
+      p3aUtils.removeDynamicMetric(creativeTotalHistogramName)
+    }
+  }
+  
+  private func metricCycled(histogramName: String, isConstellation: Bool) {
+    if isConstellation {
+      // Monitor both STAR and JSON metric cycles once STAR is supported for express metrics
+      return
+    }
+    guard let name = DynamicHistogramName(computedHistogramName: histogramName) else {
+      return
+    }
+    var countsStorage = fetchEventsCountStorage()
+    guard var eventCounts = countsStorage.eventCounts[name.creativeInstanceId] else {
+      p3aUtils.removeDynamicMetric(histogramName)
+      return
+    }
+    let fullCount = eventCounts.counts[name.eventType] ?? 0
+    let inflightCount = eventCounts.inflightCounts[name.eventType] ?? 0
+    let newCount = fullCount - inflightCount
+    
+    eventCounts.inflightCounts.removeValue(forKey: name.eventType)
+    
+    if newCount > 0 {
+      eventCounts.counts[name.eventType] = newCount
+    } else {
+      p3aUtils.removeDynamicMetric(histogramName)
+      eventCounts.counts.removeValue(forKey: name.eventType)
+      if eventCounts.counts.isEmpty {
+        countsStorage.eventCounts.removeValue(forKey: name.creativeInstanceId)
+      }
+    }
+    
+    if countsStorage.eventCounts[name.creativeInstanceId] != nil {
+      countsStorage.eventCounts[name.creativeInstanceId] = eventCounts
+    }
+    
+    updateEventsCountStorage(countsStorage)
+  }
+  
+  // MARK: -
+  
+  struct EventType: RawRepresentable, Hashable, Codable {
+    var rawValue: String
+    
+    static let viewed: Self = .init(rawValue: "views")
+    static let tapped: Self = .init(rawValue: "clicks")
+    static let landed: Self = .init(rawValue: "lands")
+  }
+  
+  struct Storage: Codable {
+    typealias CreativeInstanceID = String
+    
+    struct EventCounts: Codable {
+      var inflightCounts: [EventType: Int] = [:]
+      var counts: [EventType: Int] = [:]
+    }
+    
+    var eventCounts: [CreativeInstanceID: EventCounts]
+    
+    init(eventCounts: [CreativeInstanceID: EventCounts] = [:]) {
+      self.eventCounts = eventCounts
+    }
+    
+    func encode(to encoder: Encoder) throws {
+      var container = encoder.singleValueContainer()
+      try container.encode(self.eventCounts)
+    }
+    
+    init(from decoder: Decoder) throws {
+      let container = try decoder.singleValueContainer()
+      self.eventCounts = try container.decode([String: EventCounts].self)
+    }
+  }
+  
+  private struct DynamicHistogramName: CustomStringConvertible {
+    var creativeInstanceId: String
+    var eventType: EventType
+    
+    init(creativeInstanceId: String, eventType: EventType) {
+      self.creativeInstanceId = creativeInstanceId
+      self.eventType = eventType
+    }
+    
+    init?(computedHistogramName: String) {
+      if !computedHistogramName.hasPrefix(P3ACreativeMetricPrefix) {
+        return nil
+      }
+      let items = computedHistogramName.split(separator: ".").map(String.init)
+      if items.count != 3 {
+        // The histogram name provided should be created from `histogramName` below
+        return nil
+      }
+      self.creativeInstanceId = items[1]
+      self.eventType = EventType(rawValue: items[2])
+    }
+    
+    var histogramName: String {
+      // `P3ACreativeMetricPrefix` contains a trailing dot
+      return "\(P3ACreativeMetricPrefix)\(creativeInstanceId).\(eventType.rawValue)"
+    }
+    
+    var description: String {
+      histogramName
+    }
+  }
+}
diff --git a/Sources/Brave/Frontend/Browser/New Tab Page/NewTabPageViewController.swift b/Sources/Brave/Frontend/Browser/New Tab Page/NewTabPageViewController.swift
index fcb571ea6ceb..3ded26527154 100644
--- a/Sources/Brave/Frontend/Browser/New Tab Page/NewTabPageViewController.swift	
+++ b/Sources/Brave/Frontend/Browser/New Tab Page/NewTabPageViewController.swift	
@@ -130,6 +130,8 @@ class NewTabPageViewController: UIViewController {
   private let notifications: NewTabPageNotifications
   private var cancellables: Set<AnyCancellable> = []
   private let privateBrowsingManager: PrivateBrowsingManager
+  
+  private let p3aHelper: NewTabPageP3AHelper
 
   init(
     tab: Tab,
@@ -137,17 +139,21 @@ class NewTabPageViewController: UIViewController {
     dataSource: NTPDataSource,
     feedDataSource: FeedDataSource,
     rewards: BraveRewards,
-    privateBrowsingManager: PrivateBrowsingManager
+    privateBrowsingManager: PrivateBrowsingManager,
+    p3aUtils: BraveP3AUtils
   ) {
     self.tab = tab
     self.rewards = rewards
     self.feedDataSource = feedDataSource
     self.privateBrowsingManager = privateBrowsingManager
     self.backgroundButtonsView = NewTabPageBackgroundButtonsView(privateBrowsingManager: privateBrowsingManager)
+    self.p3aHelper = .init(p3aUtils: p3aUtils)
     background = NewTabPageBackground(dataSource: dataSource)
     notifications = NewTabPageNotifications(rewards: rewards)
     collectionView = NewTabCollectionView(frame: .zero, collectionViewLayout: layout)
     super.init(nibName: nil, bundle: nil)
+    
+    self.p3aHelper.dataSource = self
 
     Preferences.NewTabPage.showNewTabPrivacyHub.observe(from: self)
     Preferences.NewTabPage.showNewTabFavourites.observe(from: self)
@@ -453,6 +459,16 @@ class NewTabPageViewController: UIViewController {
 
   private func reportSponsoredImageBackgroundEvent(_ event: BraveAds.NewTabPageAdEventType) {
     if case .sponsoredImage(let sponsoredBackground) = background.currentBackground {
+      let eventType: NewTabPageP3AHelper.EventType? = {
+        switch event {
+        case .clicked: return .tapped
+        case .viewed: return .viewed
+        default: return nil
+        }
+      }()
+      if let eventType {
+        p3aHelper.recordEvent(eventType, on: sponsoredBackground)
+      }
       rewards.ads.reportNewTabPageAdEvent(
         background.wallpaperId.uuidString,
         creativeInstanceId: sponsoredBackground.creativeInstanceId,
@@ -1066,6 +1082,16 @@ extension NewTabPageViewController {
   }
 }
 
+// MARK: - NewTabPageP3AHelperDataSource
+extension NewTabPageViewController: NewTabPageP3AHelperDataSource {
+  var currentTabURL: URL? {
+    tab?.url
+  }
+  var isRewardsEnabled: Bool {
+    rewards.isEnabled
+  }
+}
+
 // MARK: - UICollectionViewDelegateFlowLayout
 extension NewTabPageViewController: UICollectionViewDelegateFlowLayout {
   func collectionView(_ collectionView: UICollectionView, didSelectItemAt indexPath: IndexPath) {
diff --git a/Sources/Brave/Frontend/ClientPreferences.swift b/Sources/Brave/Frontend/ClientPreferences.swift
index 11e7e0a49a58..2a5d8d3fd99a 100644
--- a/Sources/Brave/Frontend/ClientPreferences.swift
+++ b/Sources/Brave/Frontend/ClientPreferences.swift
@@ -183,6 +183,9 @@ extension Preferences {
     /// Tells the app whether we should show Favourites in new tab page view controller
     public static let showNewTabFavourites =
       Option<Bool>(key: "newtabpage.show-newtab-favourites", default: true)
+    
+    /// A Codable json representation of NewTabPageP3AHelperStorage
+    public static let sponsoredImageEventCountJSON = Option<String?>(key: "newtabpage.si-p3a.event-count", default: nil)
   }
 
   final public class Debug {