diff --git a/pcsx2-qt/Settings/GraphicsSettingsWidget.cpp b/pcsx2-qt/Settings/GraphicsSettingsWidget.cpp
index ab1e09cb96..6575745209 100644
--- a/pcsx2-qt/Settings/GraphicsSettingsWidget.cpp
+++ b/pcsx2-qt/Settings/GraphicsSettingsWidget.cpp
@@ -106,6 +106,7 @@ GraphicsSettingsWidget::GraphicsSettingsWidget(SettingsDialog* dialog, QWidget*
 	SettingWidgetBinder::BindWidgetToBoolSetting(sif, m_ui.osdShowCPU, "EmuCore/GS", "OsdShowCPU", false);
 	SettingWidgetBinder::BindWidgetToBoolSetting(sif, m_ui.osdShowResolution, "EmuCore/GS", "OsdShowResolution", false);
 	SettingWidgetBinder::BindWidgetToBoolSetting(sif, m_ui.osdShowGSStats, "EmuCore/GS", "OsdShowGSStats", false);
+	SettingWidgetBinder::BindWidgetToBoolSetting(sif, m_ui.osdShowIndicators, "EmuCore/GS", "OsdShowIndicators", true);
 
 	dialog->registerWidgetHelp(m_ui.osdShowMessages, tr("Show OSD Messages"), tr("Checked"),
 		tr("Shows on-screen-display messages when events occur such as save states being "
diff --git a/pcsx2-qt/Settings/GraphicsSettingsWidget.ui b/pcsx2-qt/Settings/GraphicsSettingsWidget.ui
index f3b27fa1f5..7527df5c92 100644
--- a/pcsx2-qt/Settings/GraphicsSettingsWidget.ui
+++ b/pcsx2-qt/Settings/GraphicsSettingsWidget.ui
@@ -919,6 +919,13 @@
            </property>
           </widget>
          </item>
+         <item row="3" column="0">
+          <widget class="QCheckBox" name="osdShowIndicators">
+           <property name="text">
+            <string>Show Indicators</string>
+           </property>
+          </widget>
+         </item>
         </layout>
        </item>
       </layout>
diff --git a/pcsx2/Config.h b/pcsx2/Config.h
index 7eabecdfcb..92faba8e57 100644
--- a/pcsx2/Config.h
+++ b/pcsx2/Config.h
@@ -428,7 +428,8 @@ struct Pcsx2Config
 					OsdShowFPS : 1,
 					OsdShowCPU : 1,
 					OsdShowResolution : 1,
-					OsdShowGSStats : 1;
+					OsdShowGSStats : 1,
+					OsdShowIndicators : 1;
 
 				bool
 					HWDisableReadbacks : 1,
diff --git a/pcsx2/Frontend/ImGuiManager.cpp b/pcsx2/Frontend/ImGuiManager.cpp
index df975af085..ec60c3a973 100644
--- a/pcsx2/Frontend/ImGuiManager.cpp
+++ b/pcsx2/Frontend/ImGuiManager.cpp
@@ -601,16 +601,22 @@ static void DrawPerformanceOverlay()
 			}
 		}
 
-		const bool is_normal_speed = (EmuConfig.GS.LimitScalar == EmuConfig.Framerate.NominalScalar);
-		if (!is_normal_speed)
+		if (GSConfig.OsdShowIndicators)
 		{
-			const bool is_slowmo = (EmuConfig.GS.LimitScalar < EmuConfig.Framerate.NominalScalar);
-			DRAW_LINE(s_standard_font, is_slowmo ? ICON_FA_FORWARD : ICON_FA_FAST_FORWARD, IM_COL32(255, 255, 255, 255));
+			const bool is_normal_speed = (EmuConfig.GS.LimitScalar == EmuConfig.Framerate.NominalScalar);
+			if (!is_normal_speed)
+			{
+				const bool is_slowmo = (EmuConfig.GS.LimitScalar < EmuConfig.Framerate.NominalScalar);
+				DRAW_LINE(s_standard_font, is_slowmo ? ICON_FA_FORWARD : ICON_FA_FAST_FORWARD, IM_COL32(255, 255, 255, 255));
+			}
 		}
 	}
 	else
 	{
-		DRAW_LINE(s_standard_font, ICON_FA_PAUSE, IM_COL32(255, 255, 255, 255));
+		if (GSConfig.OsdShowIndicators)
+		{
+			DRAW_LINE(s_standard_font, ICON_FA_PAUSE, IM_COL32(255, 255, 255, 255));
+		}
 	}
 
 #undef DRAW_LINE
diff --git a/pcsx2/GS/GS.cpp b/pcsx2/GS/GS.cpp
index 25a618fbc5..6fd59f336e 100644
--- a/pcsx2/GS/GS.cpp
+++ b/pcsx2/GS/GS.cpp
@@ -1326,6 +1326,7 @@ void GSApp::Init()
 	m_default_configuration["OsdShowCPU"]                                 = "0";
 	m_default_configuration["OsdShowResolution"]                          = "0";
 	m_default_configuration["OsdShowGSStats"]                             = "0";
+	m_default_configuration["OsdShowIndicators"]                          = "1";
 	m_default_configuration["OsdScale"]                                   = "100";
 	m_default_configuration["override_geometry_shader"]                   = "-1";
 	m_default_configuration["override_GL_ARB_copy_image"]                 = "-1";
diff --git a/pcsx2/GS/Window/GSwxDialog.cpp b/pcsx2/GS/Window/GSwxDialog.cpp
index 1f371008e5..b8da18c323 100644
--- a/pcsx2/GS/Window/GSwxDialog.cpp
+++ b/pcsx2/GS/Window/GSwxDialog.cpp
@@ -519,6 +519,7 @@ OSDTab::OSDTab(wxWindow* parent)
 	m_ui.addCheckBox(log_grid, "Show CPU Usage", "OsdShowCPU", -1);
 	m_ui.addCheckBox(log_grid, "Show Resolution", "OsdShowResolution", -1);
 	m_ui.addCheckBox(log_grid, "Show Statistics", "OsdShowGSStats", -1);
+	m_ui.addCheckBox(log_grid, "Show Indicators", "OsdShowIndicators", -1);
 
 	log_box->Add(log_grid, wxSizerFlags().Expand());
 	tab_box->Add(log_box.outer, wxSizerFlags().Expand());
diff --git a/pcsx2/Pcsx2Config.cpp b/pcsx2/Pcsx2Config.cpp
index 5cf40ee86c..418abe9c99 100644
--- a/pcsx2/Pcsx2Config.cpp
+++ b/pcsx2/Pcsx2Config.cpp
@@ -289,6 +289,7 @@ Pcsx2Config::GSOptions::GSOptions()
 	OsdShowCPU = false;
 	OsdShowResolution = false;
 	OsdShowGSStats = false;
+	OsdShowIndicators = true;
 
 	HWDisableReadbacks = false;
 	AccurateDATE = true;
@@ -483,6 +484,7 @@ void Pcsx2Config::GSOptions::ReloadIniSettings()
 	GSSettingBool(OsdShowCPU);
 	GSSettingBool(OsdShowResolution);
 	GSSettingBool(OsdShowGSStats);
+	GSSettingBool(OsdShowIndicators);
 
 	GSSettingBool(HWDisableReadbacks);
 	GSSettingBoolEx(AccurateDATE, "accurate_date");