diff --git a/unified-runtime/source/adapters/level_zero/v2/context.cpp b/unified-runtime/source/adapters/level_zero/v2/context.cpp
index 3d2a7758d6be4..acd84bf36015e 100644
--- a/unified-runtime/source/adapters/level_zero/v2/context.cpp
+++ b/unified-runtime/source/adapters/level_zero/v2/context.cpp
@@ -80,11 +80,14 @@ ur_context_handle_t_::ur_context_handle_t_(ze_context_handle_t hContext,
                         phDevices[0]->Platform->ZeMutableCmdListExt.Supported}),
       eventPoolCacheImmediate(
           this, phDevices[0]->Platform->getNumDevices(),
-          [context = this](DeviceId /* deviceId*/, v2::event_flags_t flags)
-              -> std::unique_ptr<v2::event_provider> {
+          [context = this, platform = phDevices[0]->Platform](
+              DeviceId deviceId,
+              v2::event_flags_t flags) -> std::unique_ptr<v2::event_provider> {
+            auto device = platform->getDeviceById(deviceId);
+
             // TODO: just use per-context id?
-            return std::make_unique<v2::provider_normal>(
-                context, v2::QUEUE_IMMEDIATE, flags);
+            return std::make_unique<v2::provider_counter>(
+                platform, context, v2::QUEUE_IMMEDIATE, device, flags);
           }),
       eventPoolCacheRegular(this, phDevices[0]->Platform->getNumDevices(),
                             [context = this, platform = phDevices[0]->Platform](
diff --git a/unified-runtime/source/adapters/level_zero/v2/event_provider.hpp b/unified-runtime/source/adapters/level_zero/v2/event_provider.hpp
index c6bedb8fc1cf8..2c7529d6cb288 100644
--- a/unified-runtime/source/adapters/level_zero/v2/event_provider.hpp
+++ b/unified-runtime/source/adapters/level_zero/v2/event_provider.hpp
@@ -28,6 +28,11 @@ enum event_flag_t {
 };
 static constexpr size_t EVENT_FLAGS_USED_BITS = 2;
 
+enum queue_type {
+  QUEUE_REGULAR,
+  QUEUE_IMMEDIATE,
+};
+
 class event_provider;
 
 namespace raii {
diff --git a/unified-runtime/source/adapters/level_zero/v2/event_provider_counter.cpp b/unified-runtime/source/adapters/level_zero/v2/event_provider_counter.cpp
index 886fd53db4b4c..8a94a3131c12d 100644
--- a/unified-runtime/source/adapters/level_zero/v2/event_provider_counter.cpp
+++ b/unified-runtime/source/adapters/level_zero/v2/event_provider_counter.cpp
@@ -22,9 +22,14 @@ namespace v2 {
 
 provider_counter::provider_counter(ur_platform_handle_t platform,
                                    ur_context_handle_t context,
-                                   ur_device_handle_t device) {
+                                   queue_type queueType,
+                                   ur_device_handle_t device,
+                                   event_flags_t flags)
+    : queueType(queueType), flags(flags) {
+  assert(flags & EVENT_FLAGS_COUNTER);
+
   ZE2UR_CALL_THROWS(zeDriverGetExtensionFunctionAddress,
-                    (platform->ZeDriver, "zexCounterBasedEventCreate",
+                    (platform->ZeDriver, "zexCounterBasedEventCreate2",
                      (void **)&this->eventCreateFunc));
   ZE2UR_CALL_THROWS(zelLoaderTranslateHandle,
                     (ZEL_HANDLE_CONTEXT, context->getZeHandle(),
@@ -34,17 +39,35 @@ provider_counter::provider_counter(ur_platform_handle_t platform,
       (ZEL_HANDLE_DEVICE, device->ZeDevice, (void **)&translatedDevice));
 }
 
+static zex_counter_based_event_exp_flags_t createZeFlags(queue_type queueType,
+                                                         event_flags_t flags) {
+  zex_counter_based_event_exp_flags_t zeFlags =
+      ZEX_COUNTER_BASED_EVENT_FLAG_HOST_VISIBLE;
+  if (flags & EVENT_FLAGS_PROFILING_ENABLED) {
+    zeFlags |= ZE_EVENT_POOL_FLAG_KERNEL_TIMESTAMP;
+  }
+
+  if (queueType == QUEUE_IMMEDIATE) {
+    zeFlags |= ZEX_COUNTER_BASED_EVENT_FLAG_IMMEDIATE;
+  } else {
+    zeFlags |= ZEX_COUNTER_BASED_EVENT_FLAG_NON_IMMEDIATE;
+  }
+
+  return zeFlags;
+}
+
 raii::cache_borrowed_event provider_counter::allocate() {
   if (freelist.empty()) {
-    ZeStruct<ze_event_desc_t> desc;
-    desc.index = 0;
-    desc.signal = ZE_EVENT_SCOPE_FLAG_HOST;
-    desc.wait = 0;
+    zex_counter_based_event_desc_t desc = {};
+    desc.stype = ZEX_STRUCTURE_COUNTER_BASED_EVENT_DESC;
+    desc.flags = createZeFlags(queueType, flags);
+    desc.signalScope = ZE_EVENT_SCOPE_FLAG_HOST;
+
     ze_event_handle_t handle;
 
     // TODO: allocate host and device buffers to use here
-    ZE2UR_CALL_THROWS(eventCreateFunc, (translatedContext, translatedDevice,
-                                        nullptr, nullptr, 0, &desc, &handle));
+    ZE2UR_CALL_THROWS(eventCreateFunc,
+                      (translatedContext, translatedDevice, &desc, &handle));
 
     freelist.emplace_back(handle);
   }
@@ -57,8 +80,6 @@ raii::cache_borrowed_event provider_counter::allocate() {
       [this](ze_event_handle_t handle) { freelist.push_back(handle); });
 }
 
-event_flags_t provider_counter::eventFlags() const {
-  return EVENT_FLAGS_COUNTER;
-}
+event_flags_t provider_counter::eventFlags() const { return flags; }
 
 } // namespace v2
diff --git a/unified-runtime/source/adapters/level_zero/v2/event_provider_counter.hpp b/unified-runtime/source/adapters/level_zero/v2/event_provider_counter.hpp
index bb46cb5daf42b..baa4d5875507a 100644
--- a/unified-runtime/source/adapters/level_zero/v2/event_provider_counter.hpp
+++ b/unified-runtime/source/adapters/level_zero/v2/event_provider_counter.hpp
@@ -25,22 +25,27 @@
 
 #include "../device.hpp"
 
+#include <level_zero/driver_experimental/zex_event.h>
+#include <level_zero/ze_intel_gpu.h>
+
 namespace v2 {
 
 typedef ze_result_t (*zexCounterBasedEventCreate)(
     ze_context_handle_t hContext, ze_device_handle_t hDevice,
-    uint64_t *deviceAddress, uint64_t *hostAddress, uint64_t completionValue,
-    const ze_event_desc_t *desc, ze_event_handle_t *phEvent);
+    const zex_counter_based_event_desc_t *desc, ze_event_handle_t *phEvent);
 
 class provider_counter : public event_provider {
 public:
   provider_counter(ur_platform_handle_t platform, ur_context_handle_t,
-                   ur_device_handle_t);
+                   queue_type, ur_device_handle_t, event_flags_t);
 
   raii::cache_borrowed_event allocate() override;
   event_flags_t eventFlags() const override;
 
 private:
+  queue_type queueType;
+  event_flags_t flags;
+
   ze_context_handle_t translatedContext;
   ze_device_handle_t translatedDevice;
 
diff --git a/unified-runtime/source/adapters/level_zero/v2/event_provider_normal.cpp b/unified-runtime/source/adapters/level_zero/v2/event_provider_normal.cpp
index 6239f3f5f7412..06267059dc91b 100644
--- a/unified-runtime/source/adapters/level_zero/v2/event_provider_normal.cpp
+++ b/unified-runtime/source/adapters/level_zero/v2/event_provider_normal.cpp
@@ -17,9 +17,8 @@
 #include "event_provider.hpp"
 #include "event_provider_normal.hpp"
 
-#include "../common/latency_tracker.hpp"
-
 #include "../common.hpp"
+#include "../common/latency_tracker.hpp"
 
 namespace v2 {
 static constexpr int EVENTS_BURST = 64;
diff --git a/unified-runtime/source/adapters/level_zero/v2/event_provider_normal.hpp b/unified-runtime/source/adapters/level_zero/v2/event_provider_normal.hpp
index 811b32f2e23f8..df6946e7ac580 100644
--- a/unified-runtime/source/adapters/level_zero/v2/event_provider_normal.hpp
+++ b/unified-runtime/source/adapters/level_zero/v2/event_provider_normal.hpp
@@ -21,17 +21,13 @@
 
 #include "common.hpp"
 #include "event.hpp"
+#include "event_provider.hpp"
 
 #include "../device.hpp"
 #include "../ur_interface_loader.hpp"
 
 namespace v2 {
 
-enum queue_type {
-  QUEUE_REGULAR,
-  QUEUE_IMMEDIATE,
-};
-
 class provider_pool {
 public:
   provider_pool(ur_context_handle_t, queue_type, event_flags_t flags);