diff --git a/arch/arm64/kvm/pmu-emul.c b/arch/arm64/kvm/pmu-emul.c
index 1e9cdbc235a8..e2eb2ba903b6 100644
--- a/arch/arm64/kvm/pmu-emul.c
+++ b/arch/arm64/kvm/pmu-emul.c
@@ -653,6 +653,17 @@ static bool kvm_pmc_counts_at_el1(struct kvm_pmc *pmc)
 	return p == nsk;
 }
 
+static bool kvm_pmc_counts_at_el2(struct kvm_pmc *pmc)
+{
+	struct kvm_vcpu *vcpu = kvm_pmc_to_vcpu(pmc);
+	u64 mdcr = __vcpu_sys_reg(vcpu, MDCR_EL2);
+
+	if (!kvm_pmu_counter_is_hyp(vcpu, pmc->idx) && (mdcr & MDCR_EL2_HPMD))
+		return false;
+
+	return kvm_pmc_read_evtreg(pmc) & ARMV8_PMU_INCLUDE_EL2;
+}
+
 /**
  * kvm_pmu_create_perf_event - create a perf event for a counter
  * @pmc: Counter context
@@ -695,11 +706,19 @@ static void kvm_pmu_create_perf_event(struct kvm_pmc *pmc)
 	attr.pinned = 1;
 	attr.disabled = !kvm_pmu_counter_is_enabled(pmc);
 	attr.exclude_user = !kvm_pmc_counts_at_el0(pmc);
-	attr.exclude_kernel = !kvm_pmc_counts_at_el1(pmc);
 	attr.exclude_hv = 1; /* Don't count EL2 events */
 	attr.exclude_host = 1; /* Don't count host events */
 	attr.config = eventsel;
 
+	/*
+	 * Filter events at EL1 (i.e. vEL2) when in a hyp context based on the
+	 * guest's EL2 filter.
+	 */
+	if (unlikely(is_hyp_ctxt(vcpu)))
+		attr.exclude_kernel = !kvm_pmc_counts_at_el2(pmc);
+	else
+		attr.exclude_kernel = !kvm_pmc_counts_at_el1(pmc);
+
 	/*
 	 * If counting with a 64bit counter, advertise it to the perf
 	 * code, carefully dealing with the initial sample period