diff --git a/app/server/appsmith-interfaces/src/main/java/com/appsmith/external/constants/spans/ce/OnLoadSpanCE.java b/app/server/appsmith-interfaces/src/main/java/com/appsmith/external/constants/spans/ce/OnLoadSpanCE.java
index 1859a37ef21e..b8ca1704053b 100644
--- a/app/server/appsmith-interfaces/src/main/java/com/appsmith/external/constants/spans/ce/OnLoadSpanCE.java
+++ b/app/server/appsmith-interfaces/src/main/java/com/appsmith/external/constants/spans/ce/OnLoadSpanCE.java
@@ -16,4 +16,8 @@ public class OnLoadSpanCE {
             APPSMITH_SPAN_PREFIX + "addExplicitUserSetOnLoadExecutablesToGraph";
     public static final String GET_UNPUBLISHED_ON_LOAD_EXECUTABLES_EXPLICIT_SET_BY_USER_IN_CREATOR_CONTEXT =
             APPSMITH_SPAN_PREFIX + "getUnpublishedOnLoadExecutablesExplicitSetByUserInCreatorContext";
+    public static final String GET_POSSIBLE_REFERENCES_FROM_DYNAMIC_BINDING =
+            APPSMITH_SPAN_PREFIX + "getPossibleReferencesFromDynamicBinding";
+    public static final String AST_SERVICE_CALLING_RTS_API =
+            APPSMITH_SPAN_PREFIX + "astService.getPossibleReferencesFromDynamicBinding";
 }
diff --git a/app/server/appsmith-server/src/main/java/com/appsmith/server/onload/internal/OnLoadExecutablesUtilCEImpl.java b/app/server/appsmith-server/src/main/java/com/appsmith/server/onload/internal/OnLoadExecutablesUtilCEImpl.java
index a7791fd341e7..ff04b31306da 100644
--- a/app/server/appsmith-server/src/main/java/com/appsmith/server/onload/internal/OnLoadExecutablesUtilCEImpl.java
+++ b/app/server/appsmith-server/src/main/java/com/appsmith/server/onload/internal/OnLoadExecutablesUtilCEImpl.java
@@ -58,6 +58,7 @@
 import static com.appsmith.external.constants.spans.OnLoadSpan.GET_ALL_EXECUTABLES_BY_CREATOR_ID;
 import static com.appsmith.external.constants.spans.OnLoadSpan.GET_UNPUBLISHED_ON_LOAD_EXECUTABLES_EXPLICIT_SET_BY_USER_IN_CREATOR_CONTEXT;
 import static com.appsmith.external.constants.spans.OnLoadSpan.UPDATE_EXECUTABLE_SELF_REFERENCING_PATHS;
+import static com.appsmith.external.constants.spans.ce.OnLoadSpanCE.GET_POSSIBLE_REFERENCES_FROM_DYNAMIC_BINDING;
 import static com.appsmith.external.helpers.MustacheHelper.EXECUTABLE_ENTITY_REFERENCES;
 import static com.appsmith.external.helpers.MustacheHelper.WIDGET_ENTITY_REFERENCES;
 import static com.appsmith.external.helpers.MustacheHelper.getPossibleParents;
@@ -667,8 +668,10 @@ private Mono<Map<String, Set<EntityDependencyNode>>> getPossibleEntityReferences
      */
     private Mono<Map<String, Set<EntityDependencyNode>>> getPossibleEntityParentsMap(
             List<String> bindings, int types, int evalVersion) {
-        Flux<Tuple2<String, Set<String>>> findingToReferencesFlux =
-                astService.getPossibleReferencesFromDynamicBinding(bindings, evalVersion);
+        Flux<Tuple2<String, Set<String>>> findingToReferencesFlux = astService
+                .getPossibleReferencesFromDynamicBinding(bindings, evalVersion)
+                .name(GET_POSSIBLE_REFERENCES_FROM_DYNAMIC_BINDING)
+                .tap(Micrometer.observation(observationRegistry));
         return MustacheHelper.getPossibleEntityParentsMap(findingToReferencesFlux, types);
     }
 
diff --git a/app/server/appsmith-server/src/main/java/com/appsmith/server/services/AstServiceImpl.java b/app/server/appsmith-server/src/main/java/com/appsmith/server/services/AstServiceImpl.java
index bd85d78d5d14..40c6581a9e93 100644
--- a/app/server/appsmith-server/src/main/java/com/appsmith/server/services/AstServiceImpl.java
+++ b/app/server/appsmith-server/src/main/java/com/appsmith/server/services/AstServiceImpl.java
@@ -4,6 +4,7 @@
 import com.appsmith.server.configurations.CommonConfig;
 import com.appsmith.server.configurations.InstanceConfig;
 import com.appsmith.server.services.ce.AstServiceCEImpl;
+import io.micrometer.observation.ObservationRegistry;
 import lombok.extern.slf4j.Slf4j;
 import org.springframework.stereotype.Service;
 
@@ -11,7 +12,11 @@
 @Service
 public class AstServiceImpl extends AstServiceCEImpl implements AstService {
 
-    public AstServiceImpl(CommonConfig commonConfig, InstanceConfig instanceConfig, RTSCaller rtsCaller) {
-        super(commonConfig, instanceConfig, rtsCaller);
+    public AstServiceImpl(
+            CommonConfig commonConfig,
+            InstanceConfig instanceConfig,
+            RTSCaller rtsCaller,
+            ObservationRegistry observationRegistry) {
+        super(commonConfig, instanceConfig, rtsCaller, observationRegistry);
     }
 }
diff --git a/app/server/appsmith-server/src/main/java/com/appsmith/server/services/ce/AstServiceCEImpl.java b/app/server/appsmith-server/src/main/java/com/appsmith/server/services/ce/AstServiceCEImpl.java
index e344ac70cee1..2142ea37dcf3 100644
--- a/app/server/appsmith-server/src/main/java/com/appsmith/server/services/ce/AstServiceCEImpl.java
+++ b/app/server/appsmith-server/src/main/java/com/appsmith/server/services/ce/AstServiceCEImpl.java
@@ -8,6 +8,7 @@
 import com.appsmith.server.exceptions.AppsmithError;
 import com.appsmith.server.exceptions.AppsmithException;
 import com.appsmith.util.WebClientUtils;
+import io.micrometer.observation.ObservationRegistry;
 import lombok.AllArgsConstructor;
 import lombok.Getter;
 import lombok.NoArgsConstructor;
@@ -17,6 +18,7 @@
 import org.springframework.http.HttpStatus;
 import org.springframework.util.StringUtils;
 import org.springframework.web.reactive.function.client.WebClient;
+import reactor.core.observability.micrometer.Micrometer;
 import reactor.core.publisher.Flux;
 import reactor.core.publisher.Mono;
 import reactor.netty.resources.ConnectionProvider;
@@ -34,6 +36,8 @@
 import java.util.regex.Pattern;
 import java.util.stream.Collectors;
 
+import static com.appsmith.external.constants.spans.ce.OnLoadSpanCE.AST_SERVICE_CALLING_RTS_API;
+
 @Slf4j
 @RequiredArgsConstructor
 public class AstServiceCEImpl implements AstServiceCE {
@@ -43,6 +47,7 @@ public class AstServiceCEImpl implements AstServiceCE {
     private final InstanceConfig instanceConfig;
 
     private final RTSCaller rtsCaller;
+    private final ObservationRegistry observationRegistry;
 
     private final WebClient webClient = WebClientUtils.create(ConnectionProvider.builder("rts-provider")
             .maxConnections(100)
@@ -119,6 +124,10 @@ public Flux<Tuple2<String, Set<String>>> getPossibleReferencesFromDynamicBinding
         }
         return rtsCaller
                 .post("/rts-api/v1/ast/multiple-script-data", new GetIdentifiersRequestBulk(bindingValues, evalVersion))
+                .name(AST_SERVICE_CALLING_RTS_API)
+                .tap(Micrometer.observation(observationRegistry))
+                .tag("no_of_bindings", String.valueOf(bindingValues.size()))
+                .tag("eval_version", String.valueOf(evalVersion))
                 .flatMapMany(spec -> spec.retrieve()
                         .bodyToMono(GetIdentifiersResponseBulk.class)
                         .retryWhen(Retry.max(3))