diff --git a/.changeset/analytics-haunts-dismembered-constellations.md b/.changeset/analytics-haunts-dismembered-constellations.md
index 851527d852..e7cfc52ce1 100644
--- a/.changeset/analytics-haunts-dismembered-constellations.md
+++ b/.changeset/analytics-haunts-dismembered-constellations.md
@@ -4,17 +4,22 @@
 
 The `<Link />` component now automatically instruments all link clicks using
 the new Analytics API. Each click triggers a `click` event, containing the
-location the user clicked to. In addition, these events inherit plugin-level
-metadata, allowing clicks to be attributed to the plugin containing the link:
+text of the link the user clicked on, as well as the location to which the user
+clicked. In addition, these events inherit plugin/extension-level metadata,
+allowing clicks to be attributed to the plugin/extension/route containing the
+link:
 
 ```json
 {
   "action": "click",
-  "subject": "/value/of-the/to-prop/passed-to-the-link",
+  "subject": "Text content of the link that was clicked",
+  "attributes": {
+    "to": "/value/of-the/to-prop/passed-to-the-link"
+  },
   "context": {
-    "extension": "SomeAssociatedExtension",
+    "extension": "ExtensionInWhichTheLinkWasClicked",
     "pluginId": "plugin-in-which-link-was-clicked",
-    "routeRef": "any-associated-route-ref-id"
+    "routeRef": "route-ref-in-which-the-link-was-clicked"
   }
 }
 ```
diff --git a/packages/core-components/src/components/Link/Link.test.tsx b/packages/core-components/src/components/Link/Link.test.tsx
index 071b6fcffe..df1bcfac03 100644
--- a/packages/core-components/src/components/Link/Link.test.tsx
+++ b/packages/core-components/src/components/Link/Link.test.tsx
@@ -62,7 +62,10 @@ describe('<Link />', () => {
     await waitFor(() => {
       expect(analyticsApi.getEvents()[0]).toMatchObject({
         action: 'click',
-        subject: '/test',
+        subject: linkText,
+        attributes: {
+          to: '/test',
+        },
       });
 
       // Custom onClick handler should have still been fired too.
diff --git a/packages/core-components/src/components/Link/Link.tsx b/packages/core-components/src/components/Link/Link.tsx
index fcfd2483de..d20773a8bb 100644
--- a/packages/core-components/src/components/Link/Link.tsx
+++ b/packages/core-components/src/components/Link/Link.tsx
@@ -34,6 +34,29 @@ export type LinkProps = MaterialLinkProps &
 
 declare function LinkType(props: LinkProps): JSX.Element;
 
+/**
+ * Given a react node, try to retrieve its text content.
+ */
+const getNodeText = (node: React.ReactNode): string => {
+  // If the node is an array of children, recurse and join.
+  if (node instanceof Array) {
+    return node.map(getNodeText).join(' ').trim();
+  }
+
+  // If the node is a react element, recurse on its children.
+  if (typeof node === 'object' && node) {
+    return getNodeText((node as React.ReactElement)?.props?.children);
+  }
+
+  // Base case: the node is just text. Return it.
+  if (['string', 'number'].includes(typeof node)) {
+    return String(node);
+  }
+
+  // Base case: just return an empty string.
+  return '';
+};
+
 /**
  * Thin wrapper on top of material-ui's Link component, which...
  * - Makes the Link use react-router
@@ -43,12 +66,13 @@ const ActualLink = React.forwardRef<any, LinkProps>(
   ({ onClick, ...props }, ref) => {
     const analytics = useAnalytics();
     const to = String(props.to);
+    const linkText = getNodeText(props.children) || to;
     const external = isExternalUri(to);
     const newWindow = external && !!/^https?:/.exec(to);
 
     const handleClick = (event: React.MouseEvent<any, MouseEvent>) => {
       onClick?.(event);
-      analytics.captureEvent('click', to);
+      analytics.captureEvent('click', linkText, { attributes: { to } });
     };
 
     return external ? (