diff --git a/CHANGELOG.md b/CHANGELOG.md
index c3ee7d0807f..0d891e6ed33 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -12,6 +12,8 @@
 - Rename `ApplicationStartInfo` to `BuildInfo`
 - Rename `ApplicationStartInfo.ExeName` to `BuildInfo.Command`
 - Rename `ApplicationStartInfo.LongName` to `BuildInfo.Description`
+- Rename `service.Parameters` to `service.Settings` (#2650)
+- Rename `component.ExporterCreateParams`, `component.ExtensionCreateParams`, `component.ProcessorCreateParams`, `component.ReceiverCreateParams` to `component.ComponentSettings` (#2650)
 
 ## 💡 Enhancements 💡
 
diff --git a/cmd/otelcol/main.go b/cmd/otelcol/main.go
index 2ed6336fd22..122c687096f 100644
--- a/cmd/otelcol/main.go
+++ b/cmd/otelcol/main.go
@@ -38,12 +38,16 @@ func main() {
 		Version:     version.Version,
 	}
 
-	if err := run(service.Parameters{BuildInfo: info, Factories: factories}); err != nil {
+	componentSettings := component.ComponentSettings{
+		BuildInfo: info,
+	}
+
+	if err := run(service.Settings{ComponentSettings: componentSettings, Factories: factories}); err != nil {
 		log.Fatal(err)
 	}
 }
 
-func runInteractive(params service.Parameters) error {
+func runInteractive(params service.Settings) error {
 	app, err := service.New(params)
 	if err != nil {
 		return fmt.Errorf("failed to construct the application: %w", err)
diff --git a/cmd/otelcol/main_others.go b/cmd/otelcol/main_others.go
index e1957c2fb71..e1a2ab75c2c 100644
--- a/cmd/otelcol/main_others.go
+++ b/cmd/otelcol/main_others.go
@@ -18,6 +18,6 @@ package main
 
 import "go.opentelemetry.io/collector/service"
 
-func run(params service.Parameters) error {
+func run(params service.Settings) error {
 	return runInteractive(params)
 }
diff --git a/cmd/otelcol/main_windows.go b/cmd/otelcol/main_windows.go
index c066c39616b..3a0d1cd28fa 100644
--- a/cmd/otelcol/main_windows.go
+++ b/cmd/otelcol/main_windows.go
@@ -25,13 +25,13 @@ import (
 	"go.opentelemetry.io/collector/service"
 )
 
-func run(params service.Parameters) error {
+func run(settings service.Settings) error {
 	if useInteractiveMode, err := checkUseInteractiveMode(); err != nil {
 		return err
 	} else if useInteractiveMode {
-		return runInteractive(params)
+		return runInteractive(settings)
 	} else {
-		return runService(params)
+		return runService(settings)
 	}
 }
 
@@ -51,9 +51,9 @@ func checkUseInteractiveMode() (bool, error) {
 	}
 }
 
-func runService(params service.Parameters) error {
+func runService(settings service.Settings) error {
 	// do not need to supply service name when startup is invoked through Service Control Manager directly
-	if err := svc.Run("", service.NewWindowsService(params)); err != nil {
+	if err := svc.Run("", service.NewWindowsService(settings)); err != nil {
 		return fmt.Errorf("failed to start service %w", err)
 	}
 
diff --git a/component/component.go b/component/component.go
index 56a8150a10c..dde719254c2 100644
--- a/component/component.go
+++ b/component/component.go
@@ -18,6 +18,7 @@ import (
 	"context"
 
 	"go.opentelemetry.io/collector/config"
+	"go.uber.org/zap"
 )
 
 // Component is either a receiver, exporter, processor or an extension.
@@ -60,7 +61,17 @@ type Component interface {
 	Shutdown(ctx context.Context) error
 }
 
-// Kind represents component kinds.
+// ComponentSettings is passed to ReceiverFactory.Create* functions.
+type ComponentSettings struct {
+	// Logger that the factory can use during creation and can pass to the created
+	// component to be used later as well.
+	Logger *zap.Logger
+
+	// BuildInfo can be used by components for informational purposes
+	BuildInfo BuildInfo
+}
+
+// Kind specified one of the 4 components kinds, see consts below.
 type Kind int
 
 const (
diff --git a/component/componenttest/nop_exporter.go b/component/componenttest/nop_exporter.go
index 2eca071d3d6..32aed1d72d8 100644
--- a/component/componenttest/nop_exporter.go
+++ b/component/componenttest/nop_exporter.go
@@ -52,7 +52,7 @@ func (f *nopExporterFactory) CreateDefaultConfig() config.Exporter {
 // CreateTracesExporter implements component.ExporterFactory interface.
 func (f *nopExporterFactory) CreateTracesExporter(
 	_ context.Context,
-	_ component.ExporterCreateParams,
+	_ component.ComponentSettings,
 	_ config.Exporter,
 ) (component.TracesExporter, error) {
 	return nopExporterInstance, nil
@@ -61,7 +61,7 @@ func (f *nopExporterFactory) CreateTracesExporter(
 // CreateMetricsExporter implements component.ExporterFactory interface.
 func (f *nopExporterFactory) CreateMetricsExporter(
 	_ context.Context,
-	_ component.ExporterCreateParams,
+	_ component.ComponentSettings,
 	_ config.Exporter,
 ) (component.MetricsExporter, error) {
 	return nopExporterInstance, nil
@@ -70,7 +70,7 @@ func (f *nopExporterFactory) CreateMetricsExporter(
 // CreateLogsExporter implements component.ExporterFactory interface.
 func (f *nopExporterFactory) CreateLogsExporter(
 	_ context.Context,
-	_ component.ExporterCreateParams,
+	_ component.ComponentSettings,
 	_ config.Exporter,
 ) (component.LogsExporter, error) {
 	return nopExporterInstance, nil
diff --git a/component/componenttest/nop_exporter_test.go b/component/componenttest/nop_exporter_test.go
index 8a1863c998d..50666f2e91b 100644
--- a/component/componenttest/nop_exporter_test.go
+++ b/component/componenttest/nop_exporter_test.go
@@ -33,19 +33,19 @@ func TestNewNopExporterFactory(t *testing.T) {
 	cfg := factory.CreateDefaultConfig()
 	assert.Equal(t, &nopExporterConfig{ExporterSettings: config.NewExporterSettings(config.NewID("nop"))}, cfg)
 
-	traces, err := factory.CreateTracesExporter(context.Background(), component.ExporterCreateParams{}, cfg)
+	traces, err := factory.CreateTracesExporter(context.Background(), component.ComponentSettings{}, cfg)
 	require.NoError(t, err)
 	assert.NoError(t, traces.Start(context.Background(), NewNopHost()))
 	assert.NoError(t, traces.ConsumeTraces(context.Background(), pdata.NewTraces()))
 	assert.NoError(t, traces.Shutdown(context.Background()))
 
-	metrics, err := factory.CreateMetricsExporter(context.Background(), component.ExporterCreateParams{}, cfg)
+	metrics, err := factory.CreateMetricsExporter(context.Background(), component.ComponentSettings{}, cfg)
 	require.NoError(t, err)
 	assert.NoError(t, metrics.Start(context.Background(), NewNopHost()))
 	assert.NoError(t, metrics.ConsumeMetrics(context.Background(), pdata.NewMetrics()))
 	assert.NoError(t, metrics.Shutdown(context.Background()))
 
-	logs, err := factory.CreateLogsExporter(context.Background(), component.ExporterCreateParams{}, cfg)
+	logs, err := factory.CreateLogsExporter(context.Background(), component.ComponentSettings{}, cfg)
 	require.NoError(t, err)
 	assert.NoError(t, logs.Start(context.Background(), NewNopHost()))
 	assert.NoError(t, logs.ConsumeLogs(context.Background(), pdata.NewLogs()))
diff --git a/component/componenttest/nop_extension.go b/component/componenttest/nop_extension.go
index 2b95cdb0269..99feb386837 100644
--- a/component/componenttest/nop_extension.go
+++ b/component/componenttest/nop_extension.go
@@ -51,7 +51,7 @@ func (f *nopExtensionFactory) CreateDefaultConfig() config.Extension {
 // CreateExtension implements component.ExtensionFactory interface.
 func (f *nopExtensionFactory) CreateExtension(
 	_ context.Context,
-	_ component.ExtensionCreateParams,
+	_ component.ComponentSettings,
 	_ config.Extension,
 ) (component.Extension, error) {
 	return nopExtensionInstance, nil
diff --git a/component/componenttest/nop_extension_test.go b/component/componenttest/nop_extension_test.go
index 1b8d21bb4bc..fdbb24988db 100644
--- a/component/componenttest/nop_extension_test.go
+++ b/component/componenttest/nop_extension_test.go
@@ -32,7 +32,7 @@ func TestNewNopExtensionFactory(t *testing.T) {
 	cfg := factory.CreateDefaultConfig()
 	assert.Equal(t, &nopExtensionConfig{ExtensionSettings: config.NewExtensionSettings(config.NewID("nop"))}, cfg)
 
-	traces, err := factory.CreateExtension(context.Background(), component.ExtensionCreateParams{}, cfg)
+	traces, err := factory.CreateExtension(context.Background(), component.ComponentSettings{}, cfg)
 	require.NoError(t, err)
 	assert.NoError(t, traces.Start(context.Background(), NewNopHost()))
 	assert.NoError(t, traces.Shutdown(context.Background()))
diff --git a/component/componenttest/nop_processor.go b/component/componenttest/nop_processor.go
index 926468bab27..9dd0a5edb32 100644
--- a/component/componenttest/nop_processor.go
+++ b/component/componenttest/nop_processor.go
@@ -55,7 +55,7 @@ func (f *nopProcessorFactory) CreateDefaultConfig() config.Processor {
 // CreateTracesProcessor implements component.ProcessorFactory interface.
 func (f *nopProcessorFactory) CreateTracesProcessor(
 	_ context.Context,
-	_ component.ProcessorCreateParams,
+	_ component.ComponentSettings,
 	_ config.Processor,
 	_ consumer.Traces,
 ) (component.TracesProcessor, error) {
@@ -65,7 +65,7 @@ func (f *nopProcessorFactory) CreateTracesProcessor(
 // CreateMetricsProcessor implements component.ProcessorFactory interface.
 func (f *nopProcessorFactory) CreateMetricsProcessor(
 	_ context.Context,
-	_ component.ProcessorCreateParams,
+	_ component.ComponentSettings,
 	_ config.Processor,
 	_ consumer.Metrics,
 ) (component.MetricsProcessor, error) {
@@ -75,7 +75,7 @@ func (f *nopProcessorFactory) CreateMetricsProcessor(
 // CreateLogsProcessor implements component.ProcessorFactory interface.
 func (f *nopProcessorFactory) CreateLogsProcessor(
 	_ context.Context,
-	_ component.ProcessorCreateParams,
+	_ component.ComponentSettings,
 	_ config.Processor,
 	_ consumer.Logs,
 ) (component.LogsProcessor, error) {
diff --git a/component/componenttest/nop_processor_test.go b/component/componenttest/nop_processor_test.go
index 67af4fb9c3e..ec5e5629a46 100644
--- a/component/componenttest/nop_processor_test.go
+++ b/component/componenttest/nop_processor_test.go
@@ -34,21 +34,21 @@ func TestNewNopProcessorFactory(t *testing.T) {
 	cfg := factory.CreateDefaultConfig()
 	assert.Equal(t, &nopProcessorConfig{ProcessorSettings: config.NewProcessorSettings(config.NewID("nop"))}, cfg)
 
-	traces, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	traces, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.NoError(t, err)
 	assert.Equal(t, component.ProcessorCapabilities{MutatesConsumedData: false}, traces.GetCapabilities())
 	assert.NoError(t, traces.Start(context.Background(), NewNopHost()))
 	assert.NoError(t, traces.ConsumeTraces(context.Background(), pdata.NewTraces()))
 	assert.NoError(t, traces.Shutdown(context.Background()))
 
-	metrics, err := factory.CreateMetricsProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	metrics, err := factory.CreateMetricsProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.NoError(t, err)
 	assert.Equal(t, component.ProcessorCapabilities{MutatesConsumedData: false}, metrics.GetCapabilities())
 	assert.NoError(t, metrics.Start(context.Background(), NewNopHost()))
 	assert.NoError(t, metrics.ConsumeMetrics(context.Background(), pdata.NewMetrics()))
 	assert.NoError(t, metrics.Shutdown(context.Background()))
 
-	logs, err := factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	logs, err := factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.NoError(t, err)
 	assert.Equal(t, component.ProcessorCapabilities{MutatesConsumedData: false}, logs.GetCapabilities())
 	assert.NoError(t, logs.Start(context.Background(), NewNopHost()))
diff --git a/component/componenttest/nop_receiver.go b/component/componenttest/nop_receiver.go
index b50cf017632..9b2bb6e6563 100644
--- a/component/componenttest/nop_receiver.go
+++ b/component/componenttest/nop_receiver.go
@@ -52,7 +52,7 @@ func (f *nopReceiverFactory) CreateDefaultConfig() config.Receiver {
 // CreateTracesReceiver implements component.ReceiverFactory interface.
 func (f *nopReceiverFactory) CreateTracesReceiver(
 	_ context.Context,
-	_ component.ReceiverCreateParams,
+	_ component.ComponentSettings,
 	_ config.Receiver,
 	_ consumer.Traces,
 ) (component.TracesReceiver, error) {
@@ -62,7 +62,7 @@ func (f *nopReceiverFactory) CreateTracesReceiver(
 // CreateMetricsReceiver implements component.ReceiverFactory interface.
 func (f *nopReceiverFactory) CreateMetricsReceiver(
 	_ context.Context,
-	_ component.ReceiverCreateParams,
+	_ component.ComponentSettings,
 	_ config.Receiver,
 	_ consumer.Metrics,
 ) (component.MetricsReceiver, error) {
@@ -72,7 +72,7 @@ func (f *nopReceiverFactory) CreateMetricsReceiver(
 // CreateLogsReceiver implements component.ReceiverFactory interface.
 func (f *nopReceiverFactory) CreateLogsReceiver(
 	_ context.Context,
-	_ component.ReceiverCreateParams,
+	_ component.ComponentSettings,
 	_ config.Receiver,
 	_ consumer.Logs,
 ) (component.LogsReceiver, error) {
diff --git a/component/componenttest/nop_receiver_test.go b/component/componenttest/nop_receiver_test.go
index 108c6290213..274e06d447a 100644
--- a/component/componenttest/nop_receiver_test.go
+++ b/component/componenttest/nop_receiver_test.go
@@ -33,17 +33,17 @@ func TestNewNopReceiverFactory(t *testing.T) {
 	cfg := factory.CreateDefaultConfig()
 	assert.Equal(t, &nopReceiverConfig{ReceiverSettings: config.NewReceiverSettings(config.NewID("nop"))}, cfg)
 
-	traces, err := factory.CreateTracesReceiver(context.Background(), component.ReceiverCreateParams{}, cfg, consumertest.NewNop())
+	traces, err := factory.CreateTracesReceiver(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.NoError(t, err)
 	assert.NoError(t, traces.Start(context.Background(), NewNopHost()))
 	assert.NoError(t, traces.Shutdown(context.Background()))
 
-	metrics, err := factory.CreateMetricsReceiver(context.Background(), component.ReceiverCreateParams{}, cfg, consumertest.NewNop())
+	metrics, err := factory.CreateMetricsReceiver(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.NoError(t, err)
 	assert.NoError(t, metrics.Start(context.Background(), NewNopHost()))
 	assert.NoError(t, metrics.Shutdown(context.Background()))
 
-	logs, err := factory.CreateLogsReceiver(context.Background(), component.ReceiverCreateParams{}, cfg, consumertest.NewNop())
+	logs, err := factory.CreateLogsReceiver(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.NoError(t, err)
 	assert.NoError(t, logs.Start(context.Background(), NewNopHost()))
 	assert.NoError(t, logs.Shutdown(context.Background()))
diff --git a/component/componenttest/shutdown_verifier.go b/component/componenttest/shutdown_verifier.go
index e582d8f9cf9..53354689794 100644
--- a/component/componenttest/shutdown_verifier.go
+++ b/component/componenttest/shutdown_verifier.go
@@ -34,7 +34,7 @@ func verifyTracesProcessorDoesntProduceAfterShutdown(t *testing.T, factory compo
 	nextSink := new(consumertest.TracesSink)
 	processor, err := factory.CreateTracesProcessor(
 		context.Background(),
-		component.ProcessorCreateParams{Logger: zap.NewNop()},
+		component.ComponentSettings{Logger: zap.NewNop()},
 		cfg,
 		nextSink,
 	)
diff --git a/component/exporter.go b/component/exporter.go
index 76f8e76e86e..18248ecb972 100644
--- a/component/exporter.go
+++ b/component/exporter.go
@@ -17,8 +17,6 @@ package component
 import (
 	"context"
 
-	"go.uber.org/zap"
-
 	"go.opentelemetry.io/collector/config"
 	"go.opentelemetry.io/collector/consumer"
 )
@@ -46,18 +44,8 @@ type LogsExporter interface {
 	consumer.Logs
 }
 
-// ExporterCreateParams configures Exporter creators.
-type ExporterCreateParams struct {
-	// Logger that the factory can use during creation and can pass to the created
-	// component to be used later as well.
-	Logger *zap.Logger
-
-	// BuildInfo can be used by components for informational purposes
-	BuildInfo BuildInfo
-}
-
-// ExporterFactory can create MetricsExporter, TracesExporter and
-// LogsExporter. This is the new preferred factory type to create exporters.
+// ExporterFactory can create TracesExporter and MetricsExporter. This is the
+// new factory type that can create new style exporters.
 type ExporterFactory interface {
 	Factory
 
@@ -73,18 +61,27 @@ type ExporterFactory interface {
 	// CreateTracesExporter creates a trace exporter based on this config.
 	// If the exporter type does not support tracing or if the config is not valid
 	// error will be returned instead.
-	CreateTracesExporter(ctx context.Context, params ExporterCreateParams,
-		cfg config.Exporter) (TracesExporter, error)
+	CreateTracesExporter(
+		ctx context.Context,
+		settings ComponentSettings,
+		cfg config.Exporter,
+	) (TracesExporter, error)
 
 	// CreateMetricsExporter creates a metrics exporter based on this config.
 	// If the exporter type does not support metrics or if the config is not valid
 	// error will be returned instead.
-	CreateMetricsExporter(ctx context.Context, params ExporterCreateParams,
-		cfg config.Exporter) (MetricsExporter, error)
+	CreateMetricsExporter(
+		ctx context.Context,
+		settings ComponentSettings,
+		cfg config.Exporter,
+	) (MetricsExporter, error)
 
 	// CreateLogsExporter creates an exporter based on the config.
 	// If the exporter type does not support logs or if the config is not valid
 	// error will be returned instead.
-	CreateLogsExporter(ctx context.Context, params ExporterCreateParams,
-		cfg config.Exporter) (LogsExporter, error)
+	CreateLogsExporter(
+		ctx context.Context,
+		settings ComponentSettings,
+		cfg config.Exporter,
+	) (LogsExporter, error)
 }
diff --git a/component/exporter_test.go b/component/exporter_test.go
index 143d7bc306a..05f49b97711 100644
--- a/component/exporter_test.go
+++ b/component/exporter_test.go
@@ -39,17 +39,17 @@ func (f *TestExporterFactory) CreateDefaultConfig() config.Exporter {
 }
 
 // CreateTracesExporter creates a trace exporter based on this config.
-func (f *TestExporterFactory) CreateTracesExporter(context.Context, ExporterCreateParams, config.Exporter) (TracesExporter, error) {
+func (f *TestExporterFactory) CreateTracesExporter(context.Context, ComponentSettings, config.Exporter) (TracesExporter, error) {
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
 
 // CreateMetricsExporter creates a metrics exporter based on this config.
-func (f *TestExporterFactory) CreateMetricsExporter(context.Context, ExporterCreateParams, config.Exporter) (MetricsExporter, error) {
+func (f *TestExporterFactory) CreateMetricsExporter(context.Context, ComponentSettings, config.Exporter) (MetricsExporter, error) {
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
 
 // CreateMetricsExporter creates a logs exporter based on this config.
-func (f *TestExporterFactory) CreateLogsExporter(context.Context, ExporterCreateParams, config.Exporter) (LogsExporter, error) {
+func (f *TestExporterFactory) CreateLogsExporter(context.Context, ComponentSettings, config.Exporter) (LogsExporter, error) {
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
 
diff --git a/component/extension.go b/component/extension.go
index d5493829e7e..b37acda94f5 100644
--- a/component/extension.go
+++ b/component/extension.go
@@ -17,8 +17,6 @@ package component
 import (
 	"context"
 
-	"go.uber.org/zap"
-
 	"go.opentelemetry.io/collector/config"
 )
 
@@ -46,16 +44,6 @@ type PipelineWatcher interface {
 	NotReady() error
 }
 
-// ExtensionCreateParams is passed to ExtensionFactory.Create* functions.
-type ExtensionCreateParams struct {
-	// Logger that the factory can use during creation and can pass to the created
-	// component to be used later as well.
-	Logger *zap.Logger
-
-	// BuildInfo can be used by components for informational purposes
-	BuildInfo BuildInfo
-}
-
 // ExtensionFactory is a factory interface for extensions to the service.
 type ExtensionFactory interface {
 	Factory
@@ -70,5 +58,9 @@ type ExtensionFactory interface {
 	CreateDefaultConfig() config.Extension
 
 	// CreateExtension creates a service extension based on the given config.
-	CreateExtension(ctx context.Context, params ExtensionCreateParams, cfg config.Extension) (Extension, error)
+	CreateExtension(
+		ctx context.Context,
+		settings ComponentSettings,
+		cfg config.Extension,
+	) (Extension, error)
 }
diff --git a/component/processor.go b/component/processor.go
index f5f81877632..617a4f00572 100644
--- a/component/processor.go
+++ b/component/processor.go
@@ -17,8 +17,6 @@ package component
 import (
 	"context"
 
-	"go.uber.org/zap"
-
 	"go.opentelemetry.io/collector/component/componenterror"
 	"go.opentelemetry.io/collector/config"
 	"go.opentelemetry.io/collector/consumer"
@@ -61,16 +59,6 @@ type ProcessorCapabilities struct {
 	MutatesConsumedData bool
 }
 
-// ProcessorCreateParams is passed to Create* functions in ProcessorFactory.
-type ProcessorCreateParams struct {
-	// Logger that the factory can use during creation and can pass to the created
-	// component to be used later as well.
-	Logger *zap.Logger
-
-	// BuildInfo can be used by components for informational purposes
-	BuildInfo BuildInfo
-}
-
 // ProcessorFactory is factory interface for processors. This is the
 // new factory type that can create new style processors.
 //
@@ -93,7 +81,7 @@ type ProcessorFactory interface {
 	// error will be returned instead.
 	CreateTracesProcessor(
 		ctx context.Context,
-		params ProcessorCreateParams,
+		settings ComponentSettings,
 		cfg config.Processor,
 		nextConsumer consumer.Traces,
 	) (TracesProcessor, error)
@@ -103,7 +91,7 @@ type ProcessorFactory interface {
 	// error will be returned instead.
 	CreateMetricsProcessor(
 		ctx context.Context,
-		params ProcessorCreateParams,
+		settings ComponentSettings,
 		cfg config.Processor,
 		nextConsumer consumer.Metrics,
 	) (MetricsProcessor, error)
@@ -113,7 +101,7 @@ type ProcessorFactory interface {
 	// error will be returned instead.
 	CreateLogsProcessor(
 		ctx context.Context,
-		params ProcessorCreateParams,
+		settings ComponentSettings,
 		cfg config.Processor,
 		nextConsumer consumer.Logs,
 	) (LogsProcessor, error)
@@ -138,17 +126,17 @@ func (b BaseProcessorFactory) CreateDefaultConfig() config.Processor {
 }
 
 // CreateTracesProcessor default implemented as not supported date type.
-func (b BaseProcessorFactory) CreateTracesProcessor(context.Context, ProcessorCreateParams, config.Processor, consumer.Traces) (TracesProcessor, error) {
+func (b BaseProcessorFactory) CreateTracesProcessor(context.Context, ComponentSettings, config.Processor, consumer.Traces) (TracesProcessor, error) {
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
 
 // CreateMetricsProcessor default implemented as not supported date type.
-func (b BaseProcessorFactory) CreateMetricsProcessor(context.Context, ProcessorCreateParams, config.Processor, consumer.Metrics) (MetricsProcessor, error) {
+func (b BaseProcessorFactory) CreateMetricsProcessor(context.Context, ComponentSettings, config.Processor, consumer.Metrics) (MetricsProcessor, error) {
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
 
 // CreateLogsProcessor default implemented as not supported date type.
-func (b BaseProcessorFactory) CreateLogsProcessor(context.Context, ProcessorCreateParams, config.Processor, consumer.Logs) (LogsProcessor, error) {
+func (b BaseProcessorFactory) CreateLogsProcessor(context.Context, ComponentSettings, config.Processor, consumer.Logs) (LogsProcessor, error) {
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
 
diff --git a/component/processor_test.go b/component/processor_test.go
index 65c378a92f5..3d2b15fd0c7 100644
--- a/component/processor_test.go
+++ b/component/processor_test.go
@@ -86,10 +86,10 @@ func TestBaseProcessorFactory(t *testing.T) {
 	})
 	assert.NotPanics(t, bpf.unexportedProcessor)
 	defaultCfg := config.NewProcessorSettings(config.NewID("nop"))
-	_, err := bpf.CreateTracesProcessor(context.Background(), ProcessorCreateParams{}, &defaultCfg, consumertest.NewNop())
+	_, err := bpf.CreateTracesProcessor(context.Background(), ComponentSettings{}, &defaultCfg, consumertest.NewNop())
 	assert.ErrorIs(t, err, componenterror.ErrDataTypeIsNotSupported)
-	_, err = bpf.CreateMetricsProcessor(context.Background(), ProcessorCreateParams{}, &defaultCfg, consumertest.NewNop())
+	_, err = bpf.CreateMetricsProcessor(context.Background(), ComponentSettings{}, &defaultCfg, consumertest.NewNop())
 	assert.ErrorIs(t, err, componenterror.ErrDataTypeIsNotSupported)
-	_, err = bpf.CreateLogsProcessor(context.Background(), ProcessorCreateParams{}, &defaultCfg, consumertest.NewNop())
+	_, err = bpf.CreateLogsProcessor(context.Background(), ComponentSettings{}, &defaultCfg, consumertest.NewNop())
 	assert.ErrorIs(t, err, componenterror.ErrDataTypeIsNotSupported)
 }
diff --git a/component/receiver.go b/component/receiver.go
index 3d7ce4d8dc1..757714bc1d4 100644
--- a/component/receiver.go
+++ b/component/receiver.go
@@ -17,8 +17,6 @@ package component
 import (
 	"context"
 
-	"go.uber.org/zap"
-
 	"go.opentelemetry.io/collector/config"
 	"go.opentelemetry.io/collector/consumer"
 )
@@ -55,16 +53,6 @@ type LogsReceiver interface {
 	Receiver
 }
 
-// ReceiverCreateParams configures Receiver creators.
-type ReceiverCreateParams struct {
-	// Logger that the factory can use during creation and can pass to the created
-	// component to be used later as well.
-	Logger *zap.Logger
-
-	// BuildInfo can be used by components for informational purposes
-	BuildInfo BuildInfo
-}
-
 // ReceiverFactory can create TracesReceiver and MetricsReceiver. This is the
 // new preferred factory type to create receivers.
 type ReceiverFactory interface {
@@ -82,18 +70,30 @@ type ReceiverFactory interface {
 	// CreateTracesReceiver creates a trace receiver based on this config.
 	// If the receiver type does not support tracing or if the config is not valid
 	// error will be returned instead.
-	CreateTracesReceiver(ctx context.Context, params ReceiverCreateParams,
-		cfg config.Receiver, nextConsumer consumer.Traces) (TracesReceiver, error)
+	CreateTracesReceiver(
+		ctx context.Context,
+		settings ComponentSettings,
+		cfg config.Receiver,
+		nextConsumer consumer.Traces,
+	) (TracesReceiver, error)
 
 	// CreateMetricsReceiver creates a metrics receiver based on this config.
 	// If the receiver type does not support metrics or if the config is not valid
 	// error will be returned instead.
-	CreateMetricsReceiver(ctx context.Context, params ReceiverCreateParams,
-		cfg config.Receiver, nextConsumer consumer.Metrics) (MetricsReceiver, error)
+	CreateMetricsReceiver(
+		ctx context.Context,
+		settings ComponentSettings,
+		cfg config.Receiver,
+		nextConsumer consumer.Metrics,
+	) (MetricsReceiver, error)
 
 	// CreateLogsReceiver creates a log receiver based on this config.
 	// If the receiver type does not support the data type or if the config is not valid
 	// error will be returned instead.
-	CreateLogsReceiver(ctx context.Context, params ReceiverCreateParams,
-		cfg config.Receiver, nextConsumer consumer.Logs) (LogsReceiver, error)
+	CreateLogsReceiver(
+		ctx context.Context,
+		settings ComponentSettings,
+		cfg config.Receiver,
+		nextConsumer consumer.Logs,
+	) (LogsReceiver, error)
 }
diff --git a/component/receiver_test.go b/component/receiver_test.go
index f852be804d8..d8911bfed62 100644
--- a/component/receiver_test.go
+++ b/component/receiver_test.go
@@ -40,17 +40,17 @@ func (f *TestReceiverFactory) CreateDefaultConfig() config.Receiver {
 }
 
 // CreateTracesReceiver creates a trace receiver based on this config.
-func (f *TestReceiverFactory) CreateTracesReceiver(context.Context, ReceiverCreateParams, config.Receiver, consumer.Traces) (TracesReceiver, error) {
+func (f *TestReceiverFactory) CreateTracesReceiver(context.Context, ComponentSettings, config.Receiver, consumer.Traces) (TracesReceiver, error) {
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
 
 // CreateMetricsReceiver creates a metrics receiver based on this config.
-func (f *TestReceiverFactory) CreateMetricsReceiver(context.Context, ReceiverCreateParams, config.Receiver, consumer.Metrics) (MetricsReceiver, error) {
+func (f *TestReceiverFactory) CreateMetricsReceiver(context.Context, ComponentSettings, config.Receiver, consumer.Metrics) (MetricsReceiver, error) {
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
 
 // CreateMetricsReceiver creates a metrics receiver based on this config.
-func (f *TestReceiverFactory) CreateLogsReceiver(context.Context, ReceiverCreateParams, config.Receiver, consumer.Logs) (LogsReceiver, error) {
+func (f *TestReceiverFactory) CreateLogsReceiver(context.Context, ComponentSettings, config.Receiver, consumer.Logs) (LogsReceiver, error) {
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
 
diff --git a/config/configcheck/configcheck_test.go b/config/configcheck/configcheck_test.go
index d2702231851..a7f9e656316 100644
--- a/config/configcheck/configcheck_test.go
+++ b/config/configcheck/configcheck_test.go
@@ -198,6 +198,6 @@ func (b badConfigExtensionFactory) CreateDefaultConfig() config.Extension {
 	}{}
 }
 
-func (b badConfigExtensionFactory) CreateExtension(_ context.Context, _ component.ExtensionCreateParams, _ config.Extension) (component.Extension, error) {
+func (b badConfigExtensionFactory) CreateExtension(_ context.Context, _ component.ComponentSettings, _ config.Extension) (component.Extension, error) {
 	return nil, nil
 }
diff --git a/exporter/exporterhelper/factory.go b/exporter/exporterhelper/factory.go
index 1eadda5ecd1..4477bc11551 100644
--- a/exporter/exporterhelper/factory.go
+++ b/exporter/exporterhelper/factory.go
@@ -29,13 +29,13 @@ type FactoryOption func(o *factory)
 type CreateDefaultConfig func() config.Exporter
 
 // CreateTracesExporter is the equivalent of component.ExporterFactory.CreateTracesExporter()
-type CreateTracesExporter func(context.Context, component.ExporterCreateParams, config.Exporter) (component.TracesExporter, error)
+type CreateTracesExporter func(context.Context, component.ComponentSettings, config.Exporter) (component.TracesExporter, error)
 
 // CreateMetricsExporter is the equivalent of component.ExporterFactory.CreateMetricsExporter()
-type CreateMetricsExporter func(context.Context, component.ExporterCreateParams, config.Exporter) (component.MetricsExporter, error)
+type CreateMetricsExporter func(context.Context, component.ComponentSettings, config.Exporter) (component.MetricsExporter, error)
 
 // CreateLogsExporter is the equivalent of component.ExporterFactory.CreateLogsExporter()
-type CreateLogsExporter func(context.Context, component.ExporterCreateParams, config.Exporter) (component.LogsExporter, error)
+type CreateLogsExporter func(context.Context, component.ComponentSettings, config.Exporter) (component.LogsExporter, error)
 
 type factory struct {
 	cfgType               config.Type
@@ -94,10 +94,10 @@ func (f *factory) CreateDefaultConfig() config.Exporter {
 // CreateTracesExporter creates a component.TracesExporter based on this config.
 func (f *factory) CreateTracesExporter(
 	ctx context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter) (component.TracesExporter, error) {
 	if f.createTracesExporter != nil {
-		return f.createTracesExporter(ctx, params, cfg)
+		return f.createTracesExporter(ctx, componentSettings, cfg)
 	}
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
@@ -105,10 +105,10 @@ func (f *factory) CreateTracesExporter(
 // CreateMetricsExporter creates a component.MetricsExporter based on this config.
 func (f *factory) CreateMetricsExporter(
 	ctx context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter) (component.MetricsExporter, error) {
 	if f.createMetricsExporter != nil {
-		return f.createMetricsExporter(ctx, params, cfg)
+		return f.createMetricsExporter(ctx, componentSettings, cfg)
 	}
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
@@ -116,11 +116,11 @@ func (f *factory) CreateMetricsExporter(
 // CreateLogsExporter creates a metrics processor based on this config.
 func (f *factory) CreateLogsExporter(
 	ctx context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.LogsExporter, error) {
 	if f.createLogsExporter != nil {
-		return f.createLogsExporter(ctx, params, cfg)
+		return f.createLogsExporter(ctx, componentSettings, cfg)
 	}
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
diff --git a/exporter/exporterhelper/factory_test.go b/exporter/exporterhelper/factory_test.go
index aa3df626757..2593e0a1e2c 100644
--- a/exporter/exporterhelper/factory_test.go
+++ b/exporter/exporterhelper/factory_test.go
@@ -48,11 +48,11 @@ func TestNewFactory(t *testing.T) {
 		defaultConfig)
 	assert.EqualValues(t, typeStr, factory.Type())
 	assert.EqualValues(t, &defaultCfg, factory.CreateDefaultConfig())
-	_, err := factory.CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, &defaultCfg)
+	_, err := factory.CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, &defaultCfg)
 	assert.Equal(t, componenterror.ErrDataTypeIsNotSupported, err)
-	_, err = factory.CreateMetricsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, &defaultCfg)
+	_, err = factory.CreateMetricsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, &defaultCfg)
 	assert.Equal(t, componenterror.ErrDataTypeIsNotSupported, err)
-	_, err = factory.CreateLogsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, &defaultCfg)
+	_, err = factory.CreateLogsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, &defaultCfg)
 	assert.Equal(t, componenterror.ErrDataTypeIsNotSupported, err)
 }
 
@@ -66,15 +66,15 @@ func TestNewFactory_WithConstructors(t *testing.T) {
 	assert.EqualValues(t, typeStr, factory.Type())
 	assert.EqualValues(t, &defaultCfg, factory.CreateDefaultConfig())
 
-	te, err := factory.CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, &defaultCfg)
+	te, err := factory.CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, &defaultCfg)
 	assert.NoError(t, err)
 	assert.Same(t, nopTracesExporter, te)
 
-	me, err := factory.CreateMetricsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, &defaultCfg)
+	me, err := factory.CreateMetricsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, &defaultCfg)
 	assert.NoError(t, err)
 	assert.Same(t, nopMetricsExporter, me)
 
-	le, err := factory.CreateLogsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, &defaultCfg)
+	le, err := factory.CreateLogsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, &defaultCfg)
 	assert.NoError(t, err)
 	assert.Same(t, nopLogsExporter, le)
 }
@@ -83,14 +83,14 @@ func defaultConfig() config.Exporter {
 	return &defaultCfg
 }
 
-func createTracesExporter(context.Context, component.ExporterCreateParams, config.Exporter) (component.TracesExporter, error) {
+func createTracesExporter(context.Context, component.ComponentSettings, config.Exporter) (component.TracesExporter, error) {
 	return nopTracesExporter, nil
 }
 
-func createMetricsExporter(context.Context, component.ExporterCreateParams, config.Exporter) (component.MetricsExporter, error) {
+func createMetricsExporter(context.Context, component.ComponentSettings, config.Exporter) (component.MetricsExporter, error) {
 	return nopMetricsExporter, nil
 }
 
-func createLogsExporter(context.Context, component.ExporterCreateParams, config.Exporter) (component.LogsExporter, error) {
+func createLogsExporter(context.Context, component.ComponentSettings, config.Exporter) (component.LogsExporter, error) {
 	return nopLogsExporter, nil
 }
diff --git a/exporter/fileexporter/factory.go b/exporter/fileexporter/factory.go
index 1f40a53021a..9d0e856e483 100644
--- a/exporter/fileexporter/factory.go
+++ b/exporter/fileexporter/factory.go
@@ -46,7 +46,7 @@ func createDefaultConfig() config.Exporter {
 
 func createTracesExporter(
 	_ context.Context,
-	_ component.ExporterCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.TracesExporter, error) {
 	return createExporter(cfg)
@@ -54,7 +54,7 @@ func createTracesExporter(
 
 func createMetricsExporter(
 	_ context.Context,
-	_ component.ExporterCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.MetricsExporter, error) {
 	return createExporter(cfg)
@@ -62,7 +62,7 @@ func createMetricsExporter(
 
 func createLogsExporter(
 	_ context.Context,
-	_ component.ExporterCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.LogsExporter, error) {
 	return createExporter(cfg)
diff --git a/exporter/fileexporter/factory_test.go b/exporter/fileexporter/factory_test.go
index 2c7eeeda926..971de090fe0 100644
--- a/exporter/fileexporter/factory_test.go
+++ b/exporter/fileexporter/factory_test.go
@@ -36,7 +36,7 @@ func TestCreateMetricsExporter(t *testing.T) {
 	cfg := createDefaultConfig()
 	exp, err := createMetricsExporter(
 		context.Background(),
-		component.ExporterCreateParams{Logger: zap.NewNop()},
+		component.ComponentSettings{Logger: zap.NewNop()},
 		cfg)
 	assert.Error(t, err)
 	require.Nil(t, exp)
@@ -46,7 +46,7 @@ func TestCreateTracesExporter(t *testing.T) {
 	cfg := createDefaultConfig()
 	exp, err := createTracesExporter(
 		context.Background(),
-		component.ExporterCreateParams{Logger: zap.NewNop()},
+		component.ComponentSettings{Logger: zap.NewNop()},
 		cfg)
 	assert.Error(t, err)
 	require.Nil(t, exp)
@@ -57,7 +57,7 @@ func TestCreateLogsExporter(t *testing.T) {
 
 	exp, err := createLogsExporter(
 		context.Background(),
-		component.ExporterCreateParams{Logger: zap.NewNop()},
+		component.ComponentSettings{Logger: zap.NewNop()},
 		cfg)
 	assert.Error(t, err)
 	require.Nil(t, exp)
diff --git a/exporter/jaegerexporter/config_test.go b/exporter/jaegerexporter/config_test.go
index 3e501f413bb..1f66af4db8e 100644
--- a/exporter/jaegerexporter/config_test.go
+++ b/exporter/jaegerexporter/config_test.go
@@ -71,8 +71,8 @@ func TestLoadConfig(t *testing.T) {
 			},
 		})
 
-	params := component.ExporterCreateParams{Logger: zap.NewNop()}
-	te, err := factory.CreateTracesExporter(context.Background(), params, e1)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	te, err := factory.CreateTracesExporter(context.Background(), componentSettings, e1)
 	require.NoError(t, err)
 	require.NotNil(t, te)
 }
diff --git a/exporter/jaegerexporter/exporter_test.go b/exporter/jaegerexporter/exporter_test.go
index dfb4127e153..a007ee23a74 100644
--- a/exporter/jaegerexporter/exporter_test.go
+++ b/exporter/jaegerexporter/exporter_test.go
@@ -233,7 +233,7 @@ func TestMutualTLS(t *testing.T) {
 			ServerName: "localhost",
 		},
 	}
-	exporter, err := factory.CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	exporter, err := factory.CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	err = exporter.Start(context.Background(), nil)
 	require.NoError(t, err)
diff --git a/exporter/jaegerexporter/factory.go b/exporter/jaegerexporter/factory.go
index b8c58d55446..8f87b9a73b3 100644
--- a/exporter/jaegerexporter/factory.go
+++ b/exporter/jaegerexporter/factory.go
@@ -52,7 +52,7 @@ func createDefaultConfig() config.Exporter {
 
 func createTracesExporter(
 	_ context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	config config.Exporter,
 ) (component.TracesExporter, error) {
 
@@ -65,7 +65,7 @@ func createTracesExporter(
 		return nil, err
 	}
 
-	exp, err := newTracesExporter(expCfg, params.Logger)
+	exp, err := newTracesExporter(expCfg, componentSettings.Logger)
 	if err != nil {
 		return nil, err
 	}
diff --git a/exporter/jaegerexporter/factory_test.go b/exporter/jaegerexporter/factory_test.go
index bbe797bc0fd..ae4689d11cb 100644
--- a/exporter/jaegerexporter/factory_test.go
+++ b/exporter/jaegerexporter/factory_test.go
@@ -37,8 +37,8 @@ func TestCreateMetricsExporter(t *testing.T) {
 	factory := NewFactory()
 	cfg := factory.CreateDefaultConfig()
 
-	params := component.ExporterCreateParams{Logger: zap.NewNop()}
-	_, err := factory.CreateMetricsExporter(context.Background(), params, cfg)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	_, err := factory.CreateMetricsExporter(context.Background(), componentSettings, cfg)
 	assert.Error(t, err, componenterror.ErrDataTypeIsNotSupported)
 }
 
@@ -49,8 +49,8 @@ func TestCreateInstanceViaFactory(t *testing.T) {
 
 	// Default config doesn't have default endpoint so creating from it should
 	// fail.
-	params := component.ExporterCreateParams{Logger: zap.NewNop()}
-	exp, err := factory.CreateTracesExporter(context.Background(), params, cfg)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	exp, err := factory.CreateTracesExporter(context.Background(), componentSettings, cfg)
 	assert.NotNil(t, err)
 	assert.Equal(t, "\"jaeger\" config requires a non-empty \"endpoint\"", err.Error())
 	assert.Nil(t, exp)
@@ -58,7 +58,7 @@ func TestCreateInstanceViaFactory(t *testing.T) {
 	// Endpoint doesn't have a default value so set it directly.
 	expCfg := cfg.(*Config)
 	expCfg.Endpoint = "some.target.org:12345"
-	exp, err = factory.CreateTracesExporter(context.Background(), params, cfg)
+	exp, err = factory.CreateTracesExporter(context.Background(), componentSettings, cfg)
 	assert.NoError(t, err)
 	assert.NotNil(t, exp)
 
diff --git a/exporter/kafkaexporter/factory.go b/exporter/kafkaexporter/factory.go
index a75ba24bedd..797627b5120 100644
--- a/exporter/kafkaexporter/factory.go
+++ b/exporter/kafkaexporter/factory.go
@@ -97,20 +97,20 @@ type kafkaExporterFactory struct {
 
 func (f *kafkaExporterFactory) createTracesExporter(
 	_ context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.TracesExporter, error) {
 	oCfg := cfg.(*Config)
 	if oCfg.Topic == "" {
 		oCfg.Topic = defaultTracesTopic
 	}
-	exp, err := newTracesExporter(*oCfg, params, f.tracesMarshalers)
+	exp, err := newTracesExporter(*oCfg, componentSettings, f.tracesMarshalers)
 	if err != nil {
 		return nil, err
 	}
 	return exporterhelper.NewTracesExporter(
 		cfg,
-		params.Logger,
+		componentSettings.Logger,
 		exp.traceDataPusher,
 		// Disable exporterhelper Timeout, because we cannot pass a Context to the Producer,
 		// and will rely on the sarama Producer Timeout logic.
@@ -122,20 +122,20 @@ func (f *kafkaExporterFactory) createTracesExporter(
 
 func (f *kafkaExporterFactory) createMetricsExporter(
 	_ context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.MetricsExporter, error) {
 	oCfg := cfg.(*Config)
 	if oCfg.Topic == "" {
 		oCfg.Topic = defaultMetricsTopic
 	}
-	exp, err := newMetricsExporter(*oCfg, params, f.metricsMarshalers)
+	exp, err := newMetricsExporter(*oCfg, componentSettings, f.metricsMarshalers)
 	if err != nil {
 		return nil, err
 	}
 	return exporterhelper.NewMetricsExporter(
 		cfg,
-		params.Logger,
+		componentSettings.Logger,
 		exp.metricsDataPusher,
 		// Disable exporterhelper Timeout, because we cannot pass a Context to the Producer,
 		// and will rely on the sarama Producer Timeout logic.
@@ -147,7 +147,7 @@ func (f *kafkaExporterFactory) createMetricsExporter(
 
 func (f *kafkaExporterFactory) createLogsExporter(
 	_ context.Context,
-	params component.ExporterCreateParams,
+	params component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.LogsExporter, error) {
 	oCfg := cfg.(*Config)
diff --git a/exporter/kafkaexporter/factory_test.go b/exporter/kafkaexporter/factory_test.go
index 4d15df5b935..995e50b475c 100644
--- a/exporter/kafkaexporter/factory_test.go
+++ b/exporter/kafkaexporter/factory_test.go
@@ -42,7 +42,7 @@ func TestCreateTracesExporter(t *testing.T) {
 	// this disables contacting the broker so we can successfully create the exporter
 	cfg.Metadata.Full = false
 	f := kafkaExporterFactory{tracesMarshalers: tracesMarshalers()}
-	r, err := f.createTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	r, err := f.createTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	assert.NotNil(t, r)
 }
@@ -54,7 +54,7 @@ func TestCreateMetricsExport(t *testing.T) {
 	// this disables contacting the broker so we can successfully create the exporter
 	cfg.Metadata.Full = false
 	mf := kafkaExporterFactory{metricsMarshalers: metricsMarshalers()}
-	mr, err := mf.createMetricsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	mr, err := mf.createMetricsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	assert.NotNil(t, mr)
 }
@@ -66,7 +66,7 @@ func TestCreateLogsExport(t *testing.T) {
 	// this disables contacting the broker so we can successfully create the exporter
 	cfg.Metadata.Full = false
 	mf := kafkaExporterFactory{logsMarshalers: logsMarshalers()}
-	mr, err := mf.createLogsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	mr, err := mf.createLogsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	assert.NotNil(t, mr)
 }
@@ -76,7 +76,7 @@ func TestCreateTracesExporter_err(t *testing.T) {
 	cfg.Brokers = []string{"invalid:9092"}
 	cfg.ProtocolVersion = "2.0.0"
 	f := kafkaExporterFactory{tracesMarshalers: tracesMarshalers()}
-	r, err := f.createTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	r, err := f.createTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	// no available broker
 	require.Error(t, err)
 	assert.Nil(t, r)
@@ -87,7 +87,7 @@ func TestCreateMetricsExporter_err(t *testing.T) {
 	cfg.Brokers = []string{"invalid:9092"}
 	cfg.ProtocolVersion = "2.0.0"
 	mf := kafkaExporterFactory{metricsMarshalers: metricsMarshalers()}
-	mr, err := mf.createMetricsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	mr, err := mf.createMetricsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.Error(t, err)
 	assert.Nil(t, mr)
 }
@@ -97,7 +97,7 @@ func TestCreateLogsExporter_err(t *testing.T) {
 	cfg.Brokers = []string{"invalid:9092"}
 	cfg.ProtocolVersion = "2.0.0"
 	mf := kafkaExporterFactory{logsMarshalers: logsMarshalers()}
-	mr, err := mf.createLogsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	mr, err := mf.createLogsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.Error(t, err)
 	assert.Nil(t, mr)
 }
@@ -111,13 +111,13 @@ func TestWithMarshalers(t *testing.T) {
 
 	t.Run("custom_encoding", func(t *testing.T) {
 		cfg.Encoding = cm.Encoding()
-		exporter, err := f.CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+		exporter, err := f.CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 		require.NoError(t, err)
 		require.NotNil(t, exporter)
 	})
 	t.Run("default_encoding", func(t *testing.T) {
 		cfg.Encoding = new(otlpTracesPbMarshaler).Encoding()
-		exporter, err := f.CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+		exporter, err := f.CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 		require.NoError(t, err)
 		assert.NotNil(t, exporter)
 	})
diff --git a/exporter/kafkaexporter/kafka_exporter.go b/exporter/kafkaexporter/kafka_exporter.go
index abe31dd6d0f..8c07032f69c 100644
--- a/exporter/kafkaexporter/kafka_exporter.go
+++ b/exporter/kafkaexporter/kafka_exporter.go
@@ -129,7 +129,7 @@ func newSaramaProducer(config Config) (sarama.SyncProducer, error) {
 	return producer, nil
 }
 
-func newMetricsExporter(config Config, params component.ExporterCreateParams, marshalers map[string]MetricsMarshaler) (*kafkaMetricsProducer, error) {
+func newMetricsExporter(config Config, componentSettings component.ComponentSettings, marshalers map[string]MetricsMarshaler) (*kafkaMetricsProducer, error) {
 	marshaler := marshalers[config.Encoding]
 	if marshaler == nil {
 		return nil, errUnrecognizedEncoding
@@ -143,13 +143,13 @@ func newMetricsExporter(config Config, params component.ExporterCreateParams, ma
 		producer:  producer,
 		topic:     config.Topic,
 		marshaler: marshaler,
-		logger:    params.Logger,
+		logger:    componentSettings.Logger,
 	}, nil
 
 }
 
 // newTracesExporter creates Kafka exporter.
-func newTracesExporter(config Config, params component.ExporterCreateParams, marshalers map[string]TracesMarshaler) (*kafkaTracesProducer, error) {
+func newTracesExporter(config Config, componentSettings component.ComponentSettings, marshalers map[string]TracesMarshaler) (*kafkaTracesProducer, error) {
 	marshaler := marshalers[config.Encoding]
 	if marshaler == nil {
 		return nil, errUnrecognizedEncoding
@@ -162,11 +162,11 @@ func newTracesExporter(config Config, params component.ExporterCreateParams, mar
 		producer:  producer,
 		topic:     config.Topic,
 		marshaler: marshaler,
-		logger:    params.Logger,
+		logger:    componentSettings.Logger,
 	}, nil
 }
 
-func newLogsExporter(config Config, params component.ExporterCreateParams, marshalers map[string]LogsMarshaler) (*kafkaLogsProducer, error) {
+func newLogsExporter(config Config, params component.ComponentSettings, marshalers map[string]LogsMarshaler) (*kafkaLogsProducer, error) {
 	marshaler := marshalers[config.Encoding]
 	if marshaler == nil {
 		return nil, errUnrecognizedEncoding
diff --git a/exporter/kafkaexporter/kafka_exporter_test.go b/exporter/kafkaexporter/kafka_exporter_test.go
index ca1bb3c1843..8770bd25b65 100644
--- a/exporter/kafkaexporter/kafka_exporter_test.go
+++ b/exporter/kafkaexporter/kafka_exporter_test.go
@@ -33,56 +33,56 @@ import (
 
 func TestNewExporter_err_version(t *testing.T) {
 	c := Config{ProtocolVersion: "0.0.0", Encoding: defaultEncoding}
-	texp, err := newTracesExporter(c, component.ExporterCreateParams{Logger: zap.NewNop()}, tracesMarshalers())
+	texp, err := newTracesExporter(c, component.ComponentSettings{Logger: zap.NewNop()}, tracesMarshalers())
 	assert.Error(t, err)
 	assert.Nil(t, texp)
 }
 
 func TestNewExporter_err_encoding(t *testing.T) {
 	c := Config{Encoding: "foo"}
-	texp, err := newTracesExporter(c, component.ExporterCreateParams{Logger: zap.NewNop()}, tracesMarshalers())
+	texp, err := newTracesExporter(c, component.ComponentSettings{Logger: zap.NewNop()}, tracesMarshalers())
 	assert.EqualError(t, err, errUnrecognizedEncoding.Error())
 	assert.Nil(t, texp)
 }
 
 func TestNewMetricsExporter_err_version(t *testing.T) {
 	c := Config{ProtocolVersion: "0.0.0", Encoding: defaultEncoding}
-	mexp, err := newMetricsExporter(c, component.ExporterCreateParams{Logger: zap.NewNop()}, metricsMarshalers())
+	mexp, err := newMetricsExporter(c, component.ComponentSettings{Logger: zap.NewNop()}, metricsMarshalers())
 	assert.Error(t, err)
 	assert.Nil(t, mexp)
 }
 
 func TestNewMetricsExporter_err_encoding(t *testing.T) {
 	c := Config{Encoding: "bar"}
-	mexp, err := newMetricsExporter(c, component.ExporterCreateParams{Logger: zap.NewNop()}, metricsMarshalers())
+	mexp, err := newMetricsExporter(c, component.ComponentSettings{Logger: zap.NewNop()}, metricsMarshalers())
 	assert.EqualError(t, err, errUnrecognizedEncoding.Error())
 	assert.Nil(t, mexp)
 }
 
 func TestNewMetricsExporter_err_traces_encoding(t *testing.T) {
 	c := Config{Encoding: "jaeger_proto"}
-	mexp, err := newMetricsExporter(c, component.ExporterCreateParams{Logger: zap.NewNop()}, metricsMarshalers())
+	mexp, err := newMetricsExporter(c, component.ComponentSettings{Logger: zap.NewNop()}, metricsMarshalers())
 	assert.EqualError(t, err, errUnrecognizedEncoding.Error())
 	assert.Nil(t, mexp)
 }
 
 func TestNewLogsExporter_err_version(t *testing.T) {
 	c := Config{ProtocolVersion: "0.0.0", Encoding: defaultEncoding}
-	mexp, err := newLogsExporter(c, component.ExporterCreateParams{Logger: zap.NewNop()}, logsMarshalers())
+	mexp, err := newLogsExporter(c, component.ComponentSettings{Logger: zap.NewNop()}, logsMarshalers())
 	assert.Error(t, err)
 	assert.Nil(t, mexp)
 }
 
 func TestNewLogsExporter_err_encoding(t *testing.T) {
 	c := Config{Encoding: "bar"}
-	mexp, err := newLogsExporter(c, component.ExporterCreateParams{Logger: zap.NewNop()}, logsMarshalers())
+	mexp, err := newLogsExporter(c, component.ComponentSettings{Logger: zap.NewNop()}, logsMarshalers())
 	assert.EqualError(t, err, errUnrecognizedEncoding.Error())
 	assert.Nil(t, mexp)
 }
 
 func TestNewLogsExporter_err_traces_encoding(t *testing.T) {
 	c := Config{Encoding: "jaeger_proto"}
-	mexp, err := newLogsExporter(c, component.ExporterCreateParams{Logger: zap.NewNop()}, logsMarshalers())
+	mexp, err := newLogsExporter(c, component.ComponentSettings{Logger: zap.NewNop()}, logsMarshalers())
 	assert.EqualError(t, err, errUnrecognizedEncoding.Error())
 	assert.Nil(t, mexp)
 }
@@ -102,15 +102,15 @@ func TestNewExporter_err_auth_type(t *testing.T) {
 			Full: false,
 		},
 	}
-	texp, err := newTracesExporter(c, component.ExporterCreateParams{Logger: zap.NewNop()}, tracesMarshalers())
+	texp, err := newTracesExporter(c, component.ComponentSettings{Logger: zap.NewNop()}, tracesMarshalers())
 	assert.Error(t, err)
 	assert.Contains(t, err.Error(), "failed to load TLS config")
 	assert.Nil(t, texp)
-	mexp, err := newMetricsExporter(c, component.ExporterCreateParams{Logger: zap.NewNop()}, metricsMarshalers())
+	mexp, err := newMetricsExporter(c, component.ComponentSettings{Logger: zap.NewNop()}, metricsMarshalers())
 	assert.Error(t, err)
 	assert.Contains(t, err.Error(), "failed to load TLS config")
 	assert.Nil(t, mexp)
-	lexp, err := newLogsExporter(c, component.ExporterCreateParams{Logger: zap.NewNop()}, logsMarshalers())
+	lexp, err := newLogsExporter(c, component.ComponentSettings{Logger: zap.NewNop()}, logsMarshalers())
 	assert.Error(t, err)
 	assert.Contains(t, err.Error(), "failed to load TLS config")
 	assert.Nil(t, lexp)
diff --git a/exporter/loggingexporter/factory.go b/exporter/loggingexporter/factory.go
index 03e88cf7153..2173a52b733 100644
--- a/exporter/loggingexporter/factory.go
+++ b/exporter/loggingexporter/factory.go
@@ -51,7 +51,7 @@ func createDefaultConfig() config.Exporter {
 	}
 }
 
-func createTracesExporter(_ context.Context, _ component.ExporterCreateParams, config config.Exporter) (component.TracesExporter, error) {
+func createTracesExporter(_ context.Context, _ component.ComponentSettings, config config.Exporter) (component.TracesExporter, error) {
 	cfg := config.(*Config)
 
 	exporterLogger, err := createLogger(cfg)
@@ -62,7 +62,7 @@ func createTracesExporter(_ context.Context, _ component.ExporterCreateParams, c
 	return newTracesExporter(config, cfg.LogLevel, exporterLogger)
 }
 
-func createMetricsExporter(_ context.Context, _ component.ExporterCreateParams, config config.Exporter) (component.MetricsExporter, error) {
+func createMetricsExporter(_ context.Context, _ component.ComponentSettings, config config.Exporter) (component.MetricsExporter, error) {
 	cfg := config.(*Config)
 
 	exporterLogger, err := createLogger(cfg)
@@ -73,7 +73,7 @@ func createMetricsExporter(_ context.Context, _ component.ExporterCreateParams,
 	return newMetricsExporter(config, cfg.LogLevel, exporterLogger)
 }
 
-func createLogsExporter(_ context.Context, _ component.ExporterCreateParams, config config.Exporter) (component.LogsExporter, error) {
+func createLogsExporter(_ context.Context, _ component.ComponentSettings, config config.Exporter) (component.LogsExporter, error) {
 	cfg := config.(*Config)
 
 	exporterLogger, err := createLogger(cfg)
diff --git a/exporter/loggingexporter/factory_test.go b/exporter/loggingexporter/factory_test.go
index 98f73405e86..71067132f5e 100644
--- a/exporter/loggingexporter/factory_test.go
+++ b/exporter/loggingexporter/factory_test.go
@@ -36,7 +36,7 @@ func TestCreateMetricsExporter(t *testing.T) {
 	factory := NewFactory()
 	cfg := factory.CreateDefaultConfig()
 
-	me, err := factory.CreateMetricsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	me, err := factory.CreateMetricsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	assert.NoError(t, err)
 	assert.NotNil(t, me)
 }
@@ -45,7 +45,7 @@ func TestCreateTracesExporter(t *testing.T) {
 	factory := NewFactory()
 	cfg := factory.CreateDefaultConfig()
 
-	te, err := factory.CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	te, err := factory.CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	assert.NoError(t, err)
 	assert.NotNil(t, te)
 }
@@ -54,7 +54,7 @@ func TestCreateLogsExporter(t *testing.T) {
 	factory := NewFactory()
 	cfg := factory.CreateDefaultConfig()
 
-	te, err := factory.CreateLogsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	te, err := factory.CreateLogsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	assert.NoError(t, err)
 	assert.NotNil(t, te)
 }
diff --git a/exporter/opencensusexporter/factory.go b/exporter/opencensusexporter/factory.go
index 2a76c8cf41b..6227d2086c7 100644
--- a/exporter/opencensusexporter/factory.go
+++ b/exporter/opencensusexporter/factory.go
@@ -49,7 +49,7 @@ func createDefaultConfig() config.Exporter {
 	}
 }
 
-func createTracesExporter(ctx context.Context, params component.ExporterCreateParams, cfg config.Exporter) (component.TracesExporter, error) {
+func createTracesExporter(ctx context.Context, componentSettings component.ComponentSettings, cfg config.Exporter) (component.TracesExporter, error) {
 	oCfg := cfg.(*Config)
 	oce, err := newTracesExporter(ctx, oCfg)
 	if err != nil {
@@ -58,14 +58,14 @@ func createTracesExporter(ctx context.Context, params component.ExporterCreatePa
 
 	return exporterhelper.NewTracesExporter(
 		cfg,
-		params.Logger,
+		componentSettings.Logger,
 		oce.pushTraceData,
 		exporterhelper.WithRetry(oCfg.RetrySettings),
 		exporterhelper.WithQueue(oCfg.QueueSettings),
 		exporterhelper.WithShutdown(oce.shutdown))
 }
 
-func createMetricsExporter(ctx context.Context, params component.ExporterCreateParams, cfg config.Exporter) (component.MetricsExporter, error) {
+func createMetricsExporter(ctx context.Context, componentSettings component.ComponentSettings, cfg config.Exporter) (component.MetricsExporter, error) {
 	oCfg := cfg.(*Config)
 	oce, err := newMetricsExporter(ctx, oCfg)
 	if err != nil {
@@ -74,7 +74,7 @@ func createMetricsExporter(ctx context.Context, params component.ExporterCreateP
 
 	return exporterhelper.NewMetricsExporter(
 		cfg,
-		params.Logger,
+		componentSettings.Logger,
 		oce.pushMetricsData,
 		exporterhelper.WithRetry(oCfg.RetrySettings),
 		exporterhelper.WithQueue(oCfg.QueueSettings),
diff --git a/exporter/opencensusexporter/factory_test.go b/exporter/opencensusexporter/factory_test.go
index e742ecbee06..c9bf2a932c4 100644
--- a/exporter/opencensusexporter/factory_test.go
+++ b/exporter/opencensusexporter/factory_test.go
@@ -169,10 +169,10 @@ func TestCreateTracesExporter(t *testing.T) {
 
 	for _, tt := range tests {
 		t.Run(tt.name, func(t *testing.T) {
-			params := component.ExporterCreateParams{Logger: zap.NewNop()}
-			tReceiver, tErr := createTracesExporter(context.Background(), params, &tt.config)
+			componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+			tReceiver, tErr := createTracesExporter(context.Background(), componentSettings, &tt.config)
 			checkErrorsAndShutdown(t, tReceiver, tErr, tt.mustFail)
-			mReceiver, mErr := createMetricsExporter(context.Background(), params, &tt.config)
+			mReceiver, mErr := createMetricsExporter(context.Background(), componentSettings, &tt.config)
 			checkErrorsAndShutdown(t, mReceiver, mErr, tt.mustFail)
 		})
 	}
diff --git a/exporter/opencensusexporter/opencensus_test.go b/exporter/opencensusexporter/opencensus_test.go
index a421ebeab50..99757771d59 100644
--- a/exporter/opencensusexporter/opencensus_test.go
+++ b/exporter/opencensusexporter/opencensus_test.go
@@ -39,8 +39,8 @@ func TestSendTraces(t *testing.T) {
 	rCfg := rFactory.CreateDefaultConfig().(*opencensusreceiver.Config)
 	endpoint := testutil.GetAvailableLocalAddress(t)
 	rCfg.GRPCServerSettings.NetAddr.Endpoint = endpoint
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	recv, err := rFactory.CreateTracesReceiver(context.Background(), params, rCfg, sink)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	recv, err := rFactory.CreateTracesReceiver(context.Background(), componentSettings, rCfg, sink)
 	assert.NoError(t, err)
 	assert.NoError(t, recv.Start(context.Background(), componenttest.NewNopHost()))
 	t.Cleanup(func() {
@@ -56,7 +56,7 @@ func TestSendTraces(t *testing.T) {
 		},
 	}
 	cfg.NumWorkers = 1
-	exp, err := factory.CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	exp, err := factory.CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, exp)
 	host := componenttest.NewNopHost()
@@ -96,7 +96,7 @@ func TestSendTraces_NoBackend(t *testing.T) {
 			Insecure: true,
 		},
 	}
-	exp, err := factory.CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	exp, err := factory.CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, exp)
 	host := componenttest.NewNopHost()
@@ -120,7 +120,7 @@ func TestSendTraces_AfterStop(t *testing.T) {
 			Insecure: true,
 		},
 	}
-	exp, err := factory.CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	exp, err := factory.CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, exp)
 	host := componenttest.NewNopHost()
@@ -137,8 +137,8 @@ func TestSendMetrics(t *testing.T) {
 	rCfg := rFactory.CreateDefaultConfig().(*opencensusreceiver.Config)
 	endpoint := testutil.GetAvailableLocalAddress(t)
 	rCfg.GRPCServerSettings.NetAddr.Endpoint = endpoint
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	recv, err := rFactory.CreateMetricsReceiver(context.Background(), params, rCfg, sink)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	recv, err := rFactory.CreateMetricsReceiver(context.Background(), componentSettings, rCfg, sink)
 	assert.NoError(t, err)
 	assert.NoError(t, recv.Start(context.Background(), componenttest.NewNopHost()))
 	t.Cleanup(func() {
@@ -154,7 +154,7 @@ func TestSendMetrics(t *testing.T) {
 		},
 	}
 	cfg.NumWorkers = 1
-	exp, err := factory.CreateMetricsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	exp, err := factory.CreateMetricsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, exp)
 	host := componenttest.NewNopHost()
@@ -193,7 +193,7 @@ func TestSendMetrics_NoBackend(t *testing.T) {
 			Insecure: true,
 		},
 	}
-	exp, err := factory.CreateMetricsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	exp, err := factory.CreateMetricsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, exp)
 	host := componenttest.NewNopHost()
@@ -217,7 +217,7 @@ func TestSendMetrics_AfterStop(t *testing.T) {
 			Insecure: true,
 		},
 	}
-	exp, err := factory.CreateMetricsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	exp, err := factory.CreateMetricsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, exp)
 	host := componenttest.NewNopHost()
diff --git a/exporter/otlpexporter/factory.go b/exporter/otlpexporter/factory.go
index e20843b7376..51c89bc28f7 100644
--- a/exporter/otlpexporter/factory.go
+++ b/exporter/otlpexporter/factory.go
@@ -54,7 +54,7 @@ func createDefaultConfig() config.Exporter {
 
 func createTracesExporter(
 	_ context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.TracesExporter, error) {
 	oce, err := newExporter(cfg)
@@ -64,7 +64,7 @@ func createTracesExporter(
 	oCfg := cfg.(*Config)
 	oexp, err := exporterhelper.NewTracesExporter(
 		cfg,
-		params.Logger,
+		componentSettings.Logger,
 		oce.pushTraceData,
 		exporterhelper.WithTimeout(oCfg.TimeoutSettings),
 		exporterhelper.WithRetry(oCfg.RetrySettings),
@@ -79,7 +79,7 @@ func createTracesExporter(
 
 func createMetricsExporter(
 	_ context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.MetricsExporter, error) {
 	oce, err := newExporter(cfg)
@@ -89,7 +89,7 @@ func createMetricsExporter(
 	oCfg := cfg.(*Config)
 	oexp, err := exporterhelper.NewMetricsExporter(
 		cfg,
-		params.Logger,
+		componentSettings.Logger,
 		oce.pushMetricsData,
 		exporterhelper.WithTimeout(oCfg.TimeoutSettings),
 		exporterhelper.WithRetry(oCfg.RetrySettings),
@@ -105,7 +105,7 @@ func createMetricsExporter(
 
 func createLogsExporter(
 	_ context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.LogsExporter, error) {
 	oce, err := newExporter(cfg)
@@ -115,7 +115,7 @@ func createLogsExporter(
 	oCfg := cfg.(*Config)
 	oexp, err := exporterhelper.NewLogsExporter(
 		cfg,
-		params.Logger,
+		componentSettings.Logger,
 		oce.pushLogData,
 		exporterhelper.WithTimeout(oCfg.TimeoutSettings),
 		exporterhelper.WithRetry(oCfg.RetrySettings),
diff --git a/exporter/otlpexporter/factory_test.go b/exporter/otlpexporter/factory_test.go
index 2364a80679d..5c913af13a6 100644
--- a/exporter/otlpexporter/factory_test.go
+++ b/exporter/otlpexporter/factory_test.go
@@ -49,8 +49,8 @@ func TestCreateMetricsExporter(t *testing.T) {
 	cfg := factory.CreateDefaultConfig().(*Config)
 	cfg.GRPCClientSettings.Endpoint = testutil.GetAvailableLocalAddress(t)
 
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-	oexp, err := factory.CreateMetricsExporter(context.Background(), creationParams, cfg)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	oexp, err := factory.CreateMetricsExporter(context.Background(), componentSettings, cfg)
 	require.Nil(t, err)
 	require.NotNil(t, oexp)
 }
@@ -176,8 +176,8 @@ func TestCreateTracesExporter(t *testing.T) {
 	for _, tt := range tests {
 		t.Run(tt.name, func(t *testing.T) {
 			factory := NewFactory()
-			creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-			consumer, err := factory.CreateTracesExporter(context.Background(), creationParams, &tt.config)
+			componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+			consumer, err := factory.CreateTracesExporter(context.Background(), componentSettings, &tt.config)
 
 			if tt.mustFail {
 				assert.NotNil(t, err)
@@ -201,8 +201,8 @@ func TestCreateLogsExporter(t *testing.T) {
 	cfg := factory.CreateDefaultConfig().(*Config)
 	cfg.GRPCClientSettings.Endpoint = testutil.GetAvailableLocalAddress(t)
 
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-	oexp, err := factory.CreateLogsExporter(context.Background(), creationParams, cfg)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	oexp, err := factory.CreateLogsExporter(context.Background(), componentSettings, cfg)
 	require.Nil(t, err)
 	require.NotNil(t, oexp)
 }
diff --git a/exporter/otlpexporter/otlp_test.go b/exporter/otlpexporter/otlp_test.go
index 6fd31dd084c..fd5252eb38b 100644
--- a/exporter/otlpexporter/otlp_test.go
+++ b/exporter/otlpexporter/otlp_test.go
@@ -208,8 +208,8 @@ func TestSendTraces(t *testing.T) {
 			"header": "header-value",
 		},
 	}
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-	exp, err := factory.CreateTracesExporter(context.Background(), creationParams, cfg)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	exp, err := factory.CreateTracesExporter(context.Background(), componentSettings, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, exp)
 	defer func() {
@@ -278,8 +278,8 @@ func TestSendMetrics(t *testing.T) {
 			"header": "header-value",
 		},
 	}
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-	exp, err := factory.CreateMetricsExporter(context.Background(), creationParams, cfg)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	exp, err := factory.CreateMetricsExporter(context.Background(), componentSettings, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, exp)
 	defer func() {
@@ -348,8 +348,8 @@ func TestSendTraceDataServerDownAndUp(t *testing.T) {
 		// Do not rely on external retry logic here, if that is intended set InitialInterval to 100ms.
 		WaitForReady: true,
 	}
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-	exp, err := factory.CreateTracesExporter(context.Background(), creationParams, cfg)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	exp, err := factory.CreateTracesExporter(context.Background(), componentSettings, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, exp)
 	defer func() {
@@ -405,8 +405,8 @@ func TestSendTraceDataServerStartWhileRequest(t *testing.T) {
 			Insecure: true,
 		},
 	}
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-	exp, err := factory.CreateTracesExporter(context.Background(), creationParams, cfg)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	exp, err := factory.CreateTracesExporter(context.Background(), componentSettings, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, exp)
 	defer func() {
@@ -481,8 +481,8 @@ func TestSendLogData(t *testing.T) {
 			Insecure: true,
 		},
 	}
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-	exp, err := factory.CreateLogsExporter(context.Background(), creationParams, cfg)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	exp, err := factory.CreateLogsExporter(context.Background(), componentSettings, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, exp)
 	defer func() {
diff --git a/exporter/otlphttpexporter/factory.go b/exporter/otlphttpexporter/factory.go
index 17aa6f2de80..c5c72fbd256 100644
--- a/exporter/otlphttpexporter/factory.go
+++ b/exporter/otlphttpexporter/factory.go
@@ -73,10 +73,10 @@ func composeSignalURL(oCfg *Config, signalOverrideURL string, signalName string)
 
 func createTracesExporter(
 	_ context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.TracesExporter, error) {
-	oce, err := newExporter(cfg, params.Logger)
+	oce, err := newExporter(cfg, componentSettings.Logger)
 	if err != nil {
 		return nil, err
 	}
@@ -89,7 +89,7 @@ func createTracesExporter(
 
 	return exporterhelper.NewTracesExporter(
 		cfg,
-		params.Logger,
+		componentSettings.Logger,
 		oce.pushTraceData,
 		// explicitly disable since we rely on http.Client timeout logic.
 		exporterhelper.WithTimeout(exporterhelper.TimeoutSettings{Timeout: 0}),
@@ -99,10 +99,10 @@ func createTracesExporter(
 
 func createMetricsExporter(
 	_ context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.MetricsExporter, error) {
-	oce, err := newExporter(cfg, params.Logger)
+	oce, err := newExporter(cfg, componentSettings.Logger)
 	if err != nil {
 		return nil, err
 	}
@@ -115,7 +115,7 @@ func createMetricsExporter(
 
 	return exporterhelper.NewMetricsExporter(
 		cfg,
-		params.Logger,
+		componentSettings.Logger,
 		oce.pushMetricsData,
 		// explicitly disable since we rely on http.Client timeout logic.
 		exporterhelper.WithTimeout(exporterhelper.TimeoutSettings{Timeout: 0}),
@@ -125,10 +125,10 @@ func createMetricsExporter(
 
 func createLogsExporter(
 	_ context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.LogsExporter, error) {
-	oce, err := newExporter(cfg, params.Logger)
+	oce, err := newExporter(cfg, componentSettings.Logger)
 	if err != nil {
 		return nil, err
 	}
@@ -141,7 +141,7 @@ func createLogsExporter(
 
 	return exporterhelper.NewLogsExporter(
 		cfg,
-		params.Logger,
+		componentSettings.Logger,
 		oce.pushLogData,
 		// explicitly disable since we rely on http.Client timeout logic.
 		exporterhelper.WithTimeout(exporterhelper.TimeoutSettings{Timeout: 0}),
diff --git a/exporter/otlphttpexporter/factory_test.go b/exporter/otlphttpexporter/factory_test.go
index eb922aec60b..8c4a714191a 100644
--- a/exporter/otlphttpexporter/factory_test.go
+++ b/exporter/otlphttpexporter/factory_test.go
@@ -52,8 +52,8 @@ func TestCreateMetricsExporter(t *testing.T) {
 	cfg := factory.CreateDefaultConfig().(*Config)
 	cfg.HTTPClientSettings.Endpoint = "http://" + testutil.GetAvailableLocalAddress(t)
 
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-	oexp, err := factory.CreateMetricsExporter(context.Background(), creationParams, cfg)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	oexp, err := factory.CreateMetricsExporter(context.Background(), componentSettings, cfg)
 	require.Nil(t, err)
 	require.NotNil(t, oexp)
 }
@@ -135,8 +135,8 @@ func TestCreateTracesExporter(t *testing.T) {
 	for _, tt := range tests {
 		t.Run(tt.name, func(t *testing.T) {
 			factory := NewFactory()
-			creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-			consumer, err := factory.CreateTracesExporter(context.Background(), creationParams, &tt.config)
+			componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+			consumer, err := factory.CreateTracesExporter(context.Background(), componentSettings, &tt.config)
 
 			if tt.mustFail {
 				assert.Error(t, err)
@@ -160,8 +160,8 @@ func TestCreateLogsExporter(t *testing.T) {
 	cfg := factory.CreateDefaultConfig().(*Config)
 	cfg.HTTPClientSettings.Endpoint = "http://" + testutil.GetAvailableLocalAddress(t)
 
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-	oexp, err := factory.CreateLogsExporter(context.Background(), creationParams, cfg)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	oexp, err := factory.CreateLogsExporter(context.Background(), componentSettings, cfg)
 	require.Nil(t, err)
 	require.NotNil(t, oexp)
 }
diff --git a/exporter/otlphttpexporter/otlp_test.go b/exporter/otlphttpexporter/otlp_test.go
index 6051c5203f1..d2f0a497a18 100644
--- a/exporter/otlphttpexporter/otlp_test.go
+++ b/exporter/otlphttpexporter/otlp_test.go
@@ -51,12 +51,12 @@ func TestInvalidConfig(t *testing.T) {
 		},
 	}
 	f := NewFactory()
-	params := component.ExporterCreateParams{Logger: zap.NewNop()}
-	_, err := f.CreateTracesExporter(context.Background(), params, config)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	_, err := f.CreateTracesExporter(context.Background(), componentSettings, config)
 	require.Error(t, err)
-	_, err = f.CreateMetricsExporter(context.Background(), params, config)
+	_, err = f.CreateMetricsExporter(context.Background(), componentSettings, config)
 	require.Error(t, err)
-	_, err = f.CreateLogsExporter(context.Background(), params, config)
+	_, err = f.CreateLogsExporter(context.Background(), componentSettings, config)
 	require.Error(t, err)
 }
 
@@ -165,7 +165,7 @@ func TestCompressionOptions(t *testing.T) {
 			factory := NewFactory()
 			cfg := createExporterConfig(test.baseURL, factory.CreateDefaultConfig())
 			cfg.Compression = test.compression
-			exp, err := factory.CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+			exp, err := factory.CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 			if test.err {
 				assert.Error(t, err)
 				return
@@ -295,7 +295,7 @@ func startTracesExporter(t *testing.T, baseURL string, overrideURL string) compo
 	factory := NewFactory()
 	cfg := createExporterConfig(baseURL, factory.CreateDefaultConfig())
 	cfg.TracesEndpoint = overrideURL
-	exp, err := factory.CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	exp, err := factory.CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	startAndCleanup(t, exp)
 	return exp
@@ -305,7 +305,7 @@ func startMetricsExporter(t *testing.T, baseURL string, overrideURL string) comp
 	factory := NewFactory()
 	cfg := createExporterConfig(baseURL, factory.CreateDefaultConfig())
 	cfg.MetricsEndpoint = overrideURL
-	exp, err := factory.CreateMetricsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	exp, err := factory.CreateMetricsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	startAndCleanup(t, exp)
 	return exp
@@ -315,7 +315,7 @@ func startLogsExporter(t *testing.T, baseURL string, overrideURL string) compone
 	factory := NewFactory()
 	cfg := createExporterConfig(baseURL, factory.CreateDefaultConfig())
 	cfg.LogsEndpoint = overrideURL
-	exp, err := factory.CreateLogsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	exp, err := factory.CreateLogsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	startAndCleanup(t, exp)
 	return exp
@@ -332,7 +332,7 @@ func createExporterConfig(baseURL string, defaultCfg config.Exporter) *Config {
 func startTracesReceiver(t *testing.T, addr string, next consumer.Traces) {
 	factory := otlpreceiver.NewFactory()
 	cfg := createReceiverConfig(addr, factory.CreateDefaultConfig())
-	recv, err := factory.CreateTracesReceiver(context.Background(), component.ReceiverCreateParams{Logger: zap.NewNop()}, cfg, next)
+	recv, err := factory.CreateTracesReceiver(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, next)
 	require.NoError(t, err)
 	startAndCleanup(t, recv)
 }
@@ -340,7 +340,7 @@ func startTracesReceiver(t *testing.T, addr string, next consumer.Traces) {
 func startMetricsReceiver(t *testing.T, addr string, next consumer.Metrics) {
 	factory := otlpreceiver.NewFactory()
 	cfg := createReceiverConfig(addr, factory.CreateDefaultConfig())
-	recv, err := factory.CreateMetricsReceiver(context.Background(), component.ReceiverCreateParams{Logger: zap.NewNop()}, cfg, next)
+	recv, err := factory.CreateMetricsReceiver(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, next)
 	require.NoError(t, err)
 	startAndCleanup(t, recv)
 }
@@ -348,7 +348,7 @@ func startMetricsReceiver(t *testing.T, addr string, next consumer.Metrics) {
 func startLogsReceiver(t *testing.T, addr string, next consumer.Logs) {
 	factory := otlpreceiver.NewFactory()
 	cfg := createReceiverConfig(addr, factory.CreateDefaultConfig())
-	recv, err := factory.CreateLogsReceiver(context.Background(), component.ReceiverCreateParams{Logger: zap.NewNop()}, cfg, next)
+	recv, err := factory.CreateLogsReceiver(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, next)
 	require.NoError(t, err)
 	startAndCleanup(t, recv)
 }
@@ -448,7 +448,7 @@ func TestErrorResponses(t *testing.T) {
 				// Create without QueueSettings and RetrySettings so that ConsumeTraces
 				// returns the errors that we want to check immediately.
 			}
-			exp, err := createTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+			exp, err := createTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 			require.NoError(t, err)
 
 			traces := pdata.NewTraces()
diff --git a/exporter/prometheusexporter/end_to_end_test.go b/exporter/prometheusexporter/end_to_end_test.go
index 0175b137e9d..77c277673ef 100644
--- a/exporter/prometheusexporter/end_to_end_test.go
+++ b/exporter/prometheusexporter/end_to_end_test.go
@@ -74,8 +74,8 @@ func TestEndToEndSummarySupport(t *testing.T) {
 		MetricExpiration: 2 * time.Hour,
 	}
 	exporterFactory := NewFactory()
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-	exporter, err := exporterFactory.CreateMetricsExporter(ctx, creationParams, exporterCfg)
+	componentSettingsExporter := component.ComponentSettings{Logger: zap.NewNop()}
+	exporter, err := exporterFactory.CreateMetricsExporter(ctx, componentSettingsExporter, exporterCfg)
 	if err != nil {
 		t.Fatal(err)
 	}
@@ -102,7 +102,7 @@ func TestEndToEndSummarySupport(t *testing.T) {
 	}
 
 	receiverFactory := prometheusreceiver.NewFactory()
-	receiverCreateParams := component.ReceiverCreateParams{
+	componentSettingsReceiver := component.ComponentSettings{
 		Logger: zap.NewNop(),
 	}
 	rcvCfg := &prometheusreceiver.Config{
@@ -110,7 +110,7 @@ func TestEndToEndSummarySupport(t *testing.T) {
 		ReceiverSettings: config.NewReceiverSettings(config.NewID("prometheus")),
 	}
 	// 3.5 Create the Prometheus receiver and pass in the preivously created Prometheus exporter.
-	prometheusReceiver, err := receiverFactory.CreateMetricsReceiver(ctx, receiverCreateParams, rcvCfg, exporter)
+	prometheusReceiver, err := receiverFactory.CreateMetricsReceiver(ctx, componentSettingsReceiver, rcvCfg, exporter)
 	if err != nil {
 		t.Fatal(err)
 	}
diff --git a/exporter/prometheusexporter/factory.go b/exporter/prometheusexporter/factory.go
index 35f1b1affe1..de5b2fc1342 100644
--- a/exporter/prometheusexporter/factory.go
+++ b/exporter/prometheusexporter/factory.go
@@ -47,19 +47,19 @@ func createDefaultConfig() config.Exporter {
 
 func createMetricsExporter(
 	_ context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.MetricsExporter, error) {
 	pcfg := cfg.(*Config)
 
-	prometheus, err := newPrometheusExporter(pcfg, params.Logger)
+	prometheus, err := newPrometheusExporter(pcfg, componentSettings.Logger)
 	if err != nil {
 		return nil, err
 	}
 
 	exporter, err := exporterhelper.NewMetricsExporter(
 		cfg,
-		params.Logger,
+		componentSettings.Logger,
 		prometheus.ConsumeMetrics,
 		exporterhelper.WithStart(prometheus.Start),
 		exporterhelper.WithShutdown(prometheus.Shutdown),
diff --git a/exporter/prometheusexporter/factory_test.go b/exporter/prometheusexporter/factory_test.go
index 35d3e193cb1..7aa7f3b2a87 100644
--- a/exporter/prometheusexporter/factory_test.go
+++ b/exporter/prometheusexporter/factory_test.go
@@ -38,7 +38,7 @@ func TestCreateMetricsExporter(t *testing.T) {
 	oCfg.Endpoint = ""
 	exp, err := createMetricsExporter(
 		context.Background(),
-		component.ExporterCreateParams{Logger: zap.NewNop()},
+		component.ComponentSettings{Logger: zap.NewNop()},
 		cfg)
 	require.Equal(t, errBlankPrometheusAddress, err)
 	require.Nil(t, exp)
@@ -53,7 +53,7 @@ func TestCreateMetricsExporterExportHelperError(t *testing.T) {
 	// Should give us an exporterhelper.errNilLogger
 	exp, err := createMetricsExporter(
 		context.Background(),
-		component.ExporterCreateParams{Logger: nil},
+		component.ComponentSettings{Logger: nil},
 		cfg)
 
 	assert.Nil(t, exp)
diff --git a/exporter/prometheusexporter/prometheus_test.go b/exporter/prometheusexporter/prometheus_test.go
index db54cff12a9..427b52516e1 100644
--- a/exporter/prometheusexporter/prometheus_test.go
+++ b/exporter/prometheusexporter/prometheus_test.go
@@ -72,11 +72,11 @@ func TestPrometheusExporter(t *testing.T) {
 	}
 
 	factory := NewFactory()
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
 	for _, tt := range tests {
 		// Run it a few times to ensure that shutdowns exit cleanly.
 		for j := 0; j < 3; j++ {
-			exp, err := factory.CreateMetricsExporter(context.Background(), creationParams, tt.config)
+			exp, err := factory.CreateMetricsExporter(context.Background(), componentSettings, tt.config)
 
 			if tt.wantErr != "" {
 				require.Error(t, err)
@@ -114,8 +114,8 @@ func TestPrometheusExporter_endToEnd(t *testing.T) {
 	}
 
 	factory := NewFactory()
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-	exp, err := factory.CreateMetricsExporter(context.Background(), creationParams, cfg)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	exp, err := factory.CreateMetricsExporter(context.Background(), componentSettings, cfg)
 	assert.NoError(t, err)
 
 	t.Cleanup(func() {
@@ -192,8 +192,8 @@ func TestPrometheusExporter_endToEndWithTimestamps(t *testing.T) {
 	}
 
 	factory := NewFactory()
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
-	exp, err := factory.CreateMetricsExporter(context.Background(), creationParams, cfg)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	exp, err := factory.CreateMetricsExporter(context.Background(), componentSettings, cfg)
 	assert.NoError(t, err)
 
 	t.Cleanup(func() {
@@ -273,7 +273,7 @@ func TestPrometheusExporter_endToEndWithResource(t *testing.T) {
 	}
 
 	factory := NewFactory()
-	creationParams := component.ExporterCreateParams{Logger: zap.NewNop()}
+	creationParams := component.ComponentSettings{Logger: zap.NewNop()}
 	exp, err := factory.CreateMetricsExporter(context.Background(), creationParams, cfg)
 	assert.NoError(t, err)
 
diff --git a/exporter/prometheusremotewriteexporter/factory.go b/exporter/prometheusremotewriteexporter/factory.go
index f003841fb3a..8187b08b44d 100644
--- a/exporter/prometheusremotewriteexporter/factory.go
+++ b/exporter/prometheusremotewriteexporter/factory.go
@@ -37,7 +37,7 @@ func NewFactory() component.ExporterFactory {
 		exporterhelper.WithMetrics(createMetricsExporter))
 }
 
-func createMetricsExporter(_ context.Context, params component.ExporterCreateParams,
+func createMetricsExporter(_ context.Context, componentSettings component.ComponentSettings,
 	cfg config.Exporter) (component.MetricsExporter, error) {
 
 	prwCfg, ok := cfg.(*Config)
@@ -63,7 +63,7 @@ func createMetricsExporter(_ context.Context, params component.ExporterCreatePar
 	// "out of order samples" errors.
 	prwexp, err := exporterhelper.NewMetricsExporter(
 		cfg,
-		params.Logger,
+		componentSettings.Logger,
 		prwe.PushMetrics,
 		exporterhelper.WithTimeout(prwCfg.TimeoutSettings),
 		exporterhelper.WithQueue(exporterhelper.QueueSettings{
diff --git a/exporter/prometheusremotewriteexporter/factory_test.go b/exporter/prometheusremotewriteexporter/factory_test.go
index b2d813a1478..4c592b8d96e 100644
--- a/exporter/prometheusremotewriteexporter/factory_test.go
+++ b/exporter/prometheusremotewriteexporter/factory_test.go
@@ -53,27 +53,27 @@ func Test_createMetricsExporter(t *testing.T) {
 	tests := []struct {
 		name        string
 		cfg         config.Exporter
-		params      component.ExporterCreateParams
+		params      component.ComponentSettings
 		returnError bool
 	}{
 		{"success_case",
 			createDefaultConfig(),
-			component.ExporterCreateParams{Logger: zap.NewNop()},
+			component.ComponentSettings{Logger: zap.NewNop()},
 			false,
 		},
 		{"fail_case",
 			nil,
-			component.ExporterCreateParams{Logger: zap.NewNop()},
+			component.ComponentSettings{Logger: zap.NewNop()},
 			true,
 		},
 		{"invalid_config_case",
 			invalidConfig,
-			component.ExporterCreateParams{Logger: zap.NewNop()},
+			component.ComponentSettings{Logger: zap.NewNop()},
 			true,
 		},
 		{"invalid_tls_config_case",
 			invalidTLSConfig,
-			component.ExporterCreateParams{Logger: zap.NewNop()},
+			component.ComponentSettings{Logger: zap.NewNop()},
 			true,
 		},
 	}
diff --git a/exporter/zipkinexporter/config_test.go b/exporter/zipkinexporter/config_test.go
index f4570108390..4b2d04a972e 100644
--- a/exporter/zipkinexporter/config_test.go
+++ b/exporter/zipkinexporter/config_test.go
@@ -73,7 +73,7 @@ func TestLoadConfig(t *testing.T) {
 		Format:             "proto",
 		DefaultServiceName: "test_name",
 	}, e1)
-	params := component.ExporterCreateParams{Logger: zap.NewNop()}
-	_, err = factory.CreateTracesExporter(context.Background(), params, e1)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	_, err = factory.CreateTracesExporter(context.Background(), componentSettings, e1)
 	require.NoError(t, err)
 }
diff --git a/exporter/zipkinexporter/factory.go b/exporter/zipkinexporter/factory.go
index bd6b0239337..95cc1cc180b 100644
--- a/exporter/zipkinexporter/factory.go
+++ b/exporter/zipkinexporter/factory.go
@@ -61,7 +61,7 @@ func createDefaultConfig() config.Exporter {
 
 func createTracesExporter(
 	_ context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.TracesExporter, error) {
 	zc := cfg.(*Config)
@@ -77,7 +77,7 @@ func createTracesExporter(
 	}
 	return exporterhelper.NewTracesExporter(
 		zc,
-		params.Logger,
+		componentSettings.Logger,
 		ze.pushTraceData,
 		// explicitly disable since we rely on http.Client timeout logic.
 		exporterhelper.WithTimeout(exporterhelper.TimeoutSettings{Timeout: 0}),
diff --git a/exporter/zipkinexporter/factory_test.go b/exporter/zipkinexporter/factory_test.go
index 464be2c4fd4..1219375765b 100644
--- a/exporter/zipkinexporter/factory_test.go
+++ b/exporter/zipkinexporter/factory_test.go
@@ -36,14 +36,14 @@ func TestCreateInstanceViaFactory(t *testing.T) {
 
 	// Default config doesn't have default endpoint so creating from it should
 	// fail.
-	ze, err := createTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	ze, err := createTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	assert.Error(t, err)
 	assert.Nil(t, ze)
 
 	// URL doesn't have a default value so set it directly.
 	zeCfg := cfg.(*Config)
 	zeCfg.Endpoint = "http://some.location.org:9411/api/v2/spans"
-	ze, err = createTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	ze, err = createTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	assert.NoError(t, err)
 	assert.NotNil(t, ze)
 }
diff --git a/exporter/zipkinexporter/zipkin_test.go b/exporter/zipkinexporter/zipkin_test.go
index 14aaf302277..64c49bde793 100644
--- a/exporter/zipkinexporter/zipkin_test.go
+++ b/exporter/zipkinexporter/zipkin_test.go
@@ -65,7 +65,7 @@ func TestZipkinExporter_roundtripJSON(t *testing.T) {
 		},
 		Format: "json",
 	}
-	zexp, err := NewFactory().CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	zexp, err := NewFactory().CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	assert.NoError(t, err)
 	require.NotNil(t, zexp)
 
@@ -289,8 +289,8 @@ func TestZipkinExporter_invalidFormat(t *testing.T) {
 		Format: "foobar",
 	}
 	f := NewFactory()
-	params := component.ExporterCreateParams{Logger: zap.NewNop()}
-	_, err := f.CreateTracesExporter(context.Background(), params, config)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	_, err := f.CreateTracesExporter(context.Background(), componentSettings, config)
 	require.Error(t, err)
 }
 
@@ -311,7 +311,7 @@ func TestZipkinExporter_roundtripProto(t *testing.T) {
 		},
 		Format: "proto",
 	}
-	zexp, err := NewFactory().CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, cfg)
+	zexp, err := NewFactory().CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 
 	// The test requires the spans from zipkinSpansJSONJavaLibrary to be sent in a single batch, use
diff --git a/extension/authoidcextension/factory.go b/extension/authoidcextension/factory.go
index 3e63296dd5f..f6b811c6e2b 100644
--- a/extension/authoidcextension/factory.go
+++ b/extension/authoidcextension/factory.go
@@ -44,6 +44,6 @@ func createDefaultConfig() config.Extension {
 	}
 }
 
-func createExtension(_ context.Context, params component.ExtensionCreateParams, cfg config.Extension) (component.Extension, error) {
-	return newExtension(cfg.(*Config), params.Logger)
+func createExtension(_ context.Context, componentSettings component.ComponentSettings, cfg config.Extension) (component.Extension, error) {
+	return newExtension(cfg.(*Config), componentSettings.Logger)
 }
diff --git a/extension/authoidcextension/factory_test.go b/extension/authoidcextension/factory_test.go
index 29d74bcbadd..6c1369e644d 100644
--- a/extension/authoidcextension/factory_test.go
+++ b/extension/authoidcextension/factory_test.go
@@ -46,7 +46,7 @@ func TestCreateExtension(t *testing.T) {
 	cfg.Audience = "collector"
 	cfg.IssuerURL = "https://auth.example.com"
 
-	ext, err := createExtension(context.Background(), component.ExtensionCreateParams{Logger: zap.NewNop()}, cfg)
+	ext, err := createExtension(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	assert.NoError(t, err)
 	assert.NotNil(t, ext)
 }
diff --git a/extension/ballastextension/factory.go b/extension/ballastextension/factory.go
index 828744a19fb..fc0d6049a09 100644
--- a/extension/ballastextension/factory.go
+++ b/extension/ballastextension/factory.go
@@ -41,6 +41,6 @@ func createDefaultConfig() config.Extension {
 	}
 }
 
-func createExtension(_ context.Context, params component.ExtensionCreateParams, cfg config.Extension) (component.Extension, error) {
-	return newMemoryBallast(cfg.(*Config), params.Logger), nil
+func createExtension(_ context.Context, componentSettings component.ComponentSettings, cfg config.Extension) (component.Extension, error) {
+	return newMemoryBallast(cfg.(*Config), componentSettings.Logger), nil
 }
diff --git a/extension/ballastextension/factory_test.go b/extension/ballastextension/factory_test.go
index 7eb954ba005..537f66ef2b4 100644
--- a/extension/ballastextension/factory_test.go
+++ b/extension/ballastextension/factory_test.go
@@ -32,14 +32,14 @@ func TestFactory_CreateDefaultConfig(t *testing.T) {
 	assert.Equal(t, &Config{ExtensionSettings: config.NewExtensionSettings(config.NewID(typeStr))}, cfg)
 
 	assert.NoError(t, configcheck.ValidateConfig(cfg))
-	ext, err := createExtension(context.Background(), component.ExtensionCreateParams{Logger: zap.NewNop()}, cfg)
+	ext, err := createExtension(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, ext)
 }
 
 func TestFactory_CreateExtension(t *testing.T) {
 	cfg := createDefaultConfig().(*Config)
-	ext, err := createExtension(context.Background(), component.ExtensionCreateParams{Logger: zap.NewNop()}, cfg)
+	ext, err := createExtension(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, ext)
 }
diff --git a/extension/extensionhelper/factory.go b/extension/extensionhelper/factory.go
index b85c79a9816..a91d876e25c 100644
--- a/extension/extensionhelper/factory.go
+++ b/extension/extensionhelper/factory.go
@@ -28,7 +28,7 @@ type FactoryOption func(o *factory)
 type CreateDefaultConfig func() config.Extension
 
 // CreateServiceExtension is the equivalent of component.ExtensionFactory.CreateExtension()
-type CreateServiceExtension func(context.Context, component.ExtensionCreateParams, config.Extension) (component.Extension, error)
+type CreateServiceExtension func(context.Context, component.ComponentSettings, config.Extension) (component.Extension, error)
 
 type factory struct {
 	cfgType                config.Type
@@ -66,7 +66,7 @@ func (f *factory) CreateDefaultConfig() config.Extension {
 // CreateExtension creates a component.TraceExtension based on this config.
 func (f *factory) CreateExtension(
 	ctx context.Context,
-	params component.ExtensionCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Extension) (component.Extension, error) {
-	return f.createServiceExtension(ctx, params, cfg)
+	return f.createServiceExtension(ctx, componentSettings, cfg)
 }
diff --git a/extension/extensionhelper/factory_test.go b/extension/extensionhelper/factory_test.go
index 493f1b9f30c..432f96b4df2 100644
--- a/extension/extensionhelper/factory_test.go
+++ b/extension/extensionhelper/factory_test.go
@@ -38,7 +38,7 @@ func TestNewFactory(t *testing.T) {
 		createExtension)
 	assert.EqualValues(t, typeStr, factory.Type())
 	assert.EqualValues(t, &defaultCfg, factory.CreateDefaultConfig())
-	ext, err := factory.CreateExtension(context.Background(), component.ExtensionCreateParams{}, &defaultCfg)
+	ext, err := factory.CreateExtension(context.Background(), component.ComponentSettings{}, &defaultCfg)
 	assert.NoError(t, err)
 	assert.Same(t, nopExtensionInstance, ext)
 }
@@ -47,7 +47,7 @@ func defaultConfig() config.Extension {
 	return &defaultCfg
 }
 
-func createExtension(context.Context, component.ExtensionCreateParams, config.Extension) (component.Extension, error) {
+func createExtension(context.Context, component.ComponentSettings, config.Extension) (component.Extension, error) {
 	return nopExtensionInstance, nil
 }
 
diff --git a/extension/healthcheckextension/factory.go b/extension/healthcheckextension/factory.go
index 69719cdb690..eb87338a36a 100644
--- a/extension/healthcheckextension/factory.go
+++ b/extension/healthcheckextension/factory.go
@@ -49,8 +49,8 @@ func createDefaultConfig() config.Extension {
 	}
 }
 
-func createExtension(_ context.Context, params component.ExtensionCreateParams, cfg config.Extension) (component.Extension, error) {
+func createExtension(_ context.Context, componentSettings component.ComponentSettings, cfg config.Extension) (component.Extension, error) {
 	config := cfg.(*Config)
 
-	return newServer(*config, params.Logger), nil
+	return newServer(*config, componentSettings.Logger), nil
 }
diff --git a/extension/healthcheckextension/factory_test.go b/extension/healthcheckextension/factory_test.go
index 297a5dc27d3..d71174532cf 100644
--- a/extension/healthcheckextension/factory_test.go
+++ b/extension/healthcheckextension/factory_test.go
@@ -39,7 +39,7 @@ func TestFactory_CreateDefaultConfig(t *testing.T) {
 	}, cfg)
 
 	assert.NoError(t, configcheck.ValidateConfig(cfg))
-	ext, err := createExtension(context.Background(), component.ExtensionCreateParams{Logger: zap.NewNop()}, cfg)
+	ext, err := createExtension(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, ext)
 }
@@ -48,7 +48,7 @@ func TestFactory_CreateExtension(t *testing.T) {
 	cfg := createDefaultConfig().(*Config)
 	cfg.TCPAddr.Endpoint = testutil.GetAvailableLocalAddress(t)
 
-	ext, err := createExtension(context.Background(), component.ExtensionCreateParams{Logger: zap.NewNop()}, cfg)
+	ext, err := createExtension(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, ext)
 }
diff --git a/extension/pprofextension/factory.go b/extension/pprofextension/factory.go
index 3bcba3996bc..48e3745b5b4 100644
--- a/extension/pprofextension/factory.go
+++ b/extension/pprofextension/factory.go
@@ -48,11 +48,11 @@ func createDefaultConfig() config.Extension {
 	}
 }
 
-func createExtension(_ context.Context, params component.ExtensionCreateParams, cfg config.Extension) (component.Extension, error) {
+func createExtension(_ context.Context, componentSettings component.ComponentSettings, cfg config.Extension) (component.Extension, error) {
 	config := cfg.(*Config)
 	if config.TCPAddr.Endpoint == "" {
 		return nil, errors.New("\"endpoint\" is required when using the \"pprof\" extension")
 	}
 
-	return newServer(*config, params.Logger), nil
+	return newServer(*config, componentSettings.Logger), nil
 }
diff --git a/extension/pprofextension/factory_test.go b/extension/pprofextension/factory_test.go
index 56d5842d0d0..f38a7e6c1ff 100644
--- a/extension/pprofextension/factory_test.go
+++ b/extension/pprofextension/factory_test.go
@@ -38,7 +38,7 @@ func TestFactory_CreateDefaultConfig(t *testing.T) {
 		cfg)
 
 	assert.NoError(t, configcheck.ValidateConfig(cfg))
-	ext, err := createExtension(context.Background(), component.ExtensionCreateParams{Logger: zap.NewNop()}, cfg)
+	ext, err := createExtension(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, ext)
 }
@@ -47,7 +47,7 @@ func TestFactory_CreateExtension(t *testing.T) {
 	cfg := createDefaultConfig().(*Config)
 	cfg.TCPAddr.Endpoint = testutil.GetAvailableLocalAddress(t)
 
-	ext, err := createExtension(context.Background(), component.ExtensionCreateParams{Logger: zap.NewNop()}, cfg)
+	ext, err := createExtension(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, ext)
 }
diff --git a/extension/zpagesextension/factory.go b/extension/zpagesextension/factory.go
index 710614a415a..a3c23b822ff 100644
--- a/extension/zpagesextension/factory.go
+++ b/extension/zpagesextension/factory.go
@@ -49,11 +49,11 @@ func createDefaultConfig() config.Extension {
 }
 
 // createExtension creates the extension based on this config.
-func createExtension(_ context.Context, params component.ExtensionCreateParams, cfg config.Extension) (component.Extension, error) {
+func createExtension(_ context.Context, componentSettings component.ComponentSettings, cfg config.Extension) (component.Extension, error) {
 	config := cfg.(*Config)
 	if config.TCPAddr.Endpoint == "" {
 		return nil, errors.New("\"endpoint\" is required when using the \"zpages\" extension")
 	}
 
-	return newServer(*config, params.Logger), nil
+	return newServer(*config, componentSettings.Logger), nil
 }
diff --git a/extension/zpagesextension/factory_test.go b/extension/zpagesextension/factory_test.go
index f3705c2c5a3..a1eb39eccaf 100644
--- a/extension/zpagesextension/factory_test.go
+++ b/extension/zpagesextension/factory_test.go
@@ -40,7 +40,7 @@ func TestFactory_CreateDefaultConfig(t *testing.T) {
 		cfg)
 
 	assert.NoError(t, configcheck.ValidateConfig(cfg))
-	ext, err := createExtension(context.Background(), component.ExtensionCreateParams{Logger: zap.NewNop()}, cfg)
+	ext, err := createExtension(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, ext)
 }
@@ -49,7 +49,7 @@ func TestFactory_CreateExtension(t *testing.T) {
 	cfg := createDefaultConfig().(*Config)
 	cfg.TCPAddr.Endpoint = testutil.GetAvailableLocalAddress(t)
 
-	ext, err := createExtension(context.Background(), component.ExtensionCreateParams{Logger: zap.NewNop()}, cfg)
+	ext, err := createExtension(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg)
 	require.NoError(t, err)
 	require.NotNil(t, ext)
 }
diff --git a/internal/testcomponents/example_exporter.go b/internal/testcomponents/example_exporter.go
index 93daaaf5506..d082fbeb912 100644
--- a/internal/testcomponents/example_exporter.go
+++ b/internal/testcomponents/example_exporter.go
@@ -62,7 +62,7 @@ func createExporterDefaultConfig() config.Exporter {
 
 func createTracesExporter(
 	_ context.Context,
-	_ component.ExporterCreateParams,
+	_ component.ComponentSettings,
 	_ config.Exporter,
 ) (component.TracesExporter, error) {
 	return &ExampleExporterConsumer{}, nil
@@ -70,7 +70,7 @@ func createTracesExporter(
 
 func createMetricsExporter(
 	_ context.Context,
-	_ component.ExporterCreateParams,
+	_ component.ComponentSettings,
 	_ config.Exporter,
 ) (component.MetricsExporter, error) {
 	return &ExampleExporterConsumer{}, nil
@@ -78,7 +78,7 @@ func createMetricsExporter(
 
 func createLogsExporter(
 	_ context.Context,
-	_ component.ExporterCreateParams,
+	_ component.ComponentSettings,
 	_ config.Exporter,
 ) (component.LogsExporter, error) {
 	return &ExampleExporterConsumer{}, nil
diff --git a/internal/testcomponents/example_extension.go b/internal/testcomponents/example_extension.go
index 9d674cc6412..8ea98e55301 100644
--- a/internal/testcomponents/example_extension.go
+++ b/internal/testcomponents/example_extension.go
@@ -48,6 +48,6 @@ func createExtensionDefaultConfig() config.Extension {
 }
 
 // CreateExtension creates an Extension based on this config.
-func createExtension(context.Context, component.ExtensionCreateParams, config.Extension) (component.Extension, error) {
+func createExtension(context.Context, component.ComponentSettings, config.Extension) (component.Extension, error) {
 	return componenthelper.New(), nil
 }
diff --git a/internal/testcomponents/example_processor.go b/internal/testcomponents/example_processor.go
index 97b8eb4f2fa..16c8b2757be 100644
--- a/internal/testcomponents/example_processor.go
+++ b/internal/testcomponents/example_processor.go
@@ -52,15 +52,15 @@ func createDefaultConfig() config.Processor {
 	}
 }
 
-func createTracesProcessor(_ context.Context, _ component.ProcessorCreateParams, _ config.Processor, nextConsumer consumer.Traces) (component.TracesProcessor, error) {
+func createTracesProcessor(_ context.Context, _ component.ComponentSettings, _ config.Processor, nextConsumer consumer.Traces) (component.TracesProcessor, error) {
 	return &exampleProcessor{Traces: nextConsumer}, nil
 }
 
-func createMetricsProcessor(_ context.Context, _ component.ProcessorCreateParams, _ config.Processor, nextConsumer consumer.Metrics) (component.MetricsProcessor, error) {
+func createMetricsProcessor(_ context.Context, _ component.ComponentSettings, _ config.Processor, nextConsumer consumer.Metrics) (component.MetricsProcessor, error) {
 	return &exampleProcessor{Metrics: nextConsumer}, nil
 }
 
-func createLogsProcessor(_ context.Context, _ component.ProcessorCreateParams, _ config.Processor, nextConsumer consumer.Logs) (component.LogsProcessor, error) {
+func createLogsProcessor(_ context.Context, _ component.ComponentSettings, _ config.Processor, nextConsumer consumer.Logs) (component.LogsProcessor, error) {
 	return &exampleProcessor{Logs: nextConsumer}, nil
 }
 
diff --git a/internal/testcomponents/example_receiver.go b/internal/testcomponents/example_receiver.go
index d2100e17421..3c8141f5e8a 100644
--- a/internal/testcomponents/example_receiver.go
+++ b/internal/testcomponents/example_receiver.go
@@ -61,7 +61,7 @@ func createReceiverDefaultConfig() config.Receiver {
 // CreateTracesReceiver creates a trace receiver based on this config.
 func createTracesReceiver(
 	_ context.Context,
-	_ component.ReceiverCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Traces,
 ) (component.TracesReceiver, error) {
@@ -73,7 +73,7 @@ func createTracesReceiver(
 // CreateMetricsReceiver creates a metrics receiver based on this config.
 func createMetricsReceiver(
 	_ context.Context,
-	_ component.ReceiverCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Metrics,
 ) (component.MetricsReceiver, error) {
@@ -84,7 +84,7 @@ func createMetricsReceiver(
 
 func createLogsReceiver(
 	_ context.Context,
-	_ component.ReceiverCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Logs,
 ) (component.LogsReceiver, error) {
diff --git a/processor/attributesprocessor/attributes_log_test.go b/processor/attributesprocessor/attributes_log_test.go
index 43338267880..74fb4736be4 100644
--- a/processor/attributesprocessor/attributes_log_test.go
+++ b/processor/attributesprocessor/attributes_log_test.go
@@ -106,7 +106,7 @@ func TestLogProcessor_NilEmptyData(t *testing.T) {
 	}
 
 	tp, err := factory.CreateLogsProcessor(
-		context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
+		context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 	for i := range testCases {
@@ -169,7 +169,7 @@ func TestAttributes_FilterLogs(t *testing.T) {
 		},
 		Config: *createConfig(filterset.Strict),
 	}
-	tp, err := factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err := factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 
@@ -232,7 +232,7 @@ func TestAttributes_FilterLogsByNameStrict(t *testing.T) {
 		LogNames: []string{"dont_apply"},
 		Config:   *createConfig(filterset.Strict),
 	}
-	tp, err := factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err := factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 
@@ -295,7 +295,7 @@ func TestAttributes_FilterLogsByNameRegexp(t *testing.T) {
 		LogNames: []string{".*dont_apply$"},
 		Config:   *createConfig(filterset.Regexp),
 	}
-	tp, err := factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err := factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 
@@ -354,7 +354,7 @@ func TestLogAttributes_Hash(t *testing.T) {
 		{Key: "user.authenticated", Action: processorhelper.HASH},
 	}
 
-	tp, err := factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err := factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 
@@ -398,7 +398,7 @@ func BenchmarkAttributes_FilterLogsByName(b *testing.B) {
 	oCfg.Include = &filterconfig.MatchProperties{
 		LogNames: []string{"^apply.*"},
 	}
-	tp, err := factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err := factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.Nil(b, err)
 	require.NotNil(b, tp)
 
diff --git a/processor/attributesprocessor/attributes_trace_test.go b/processor/attributesprocessor/attributes_trace_test.go
index 0590b7b7e73..8eaba8c6d81 100644
--- a/processor/attributesprocessor/attributes_trace_test.go
+++ b/processor/attributesprocessor/attributes_trace_test.go
@@ -116,7 +116,7 @@ func TestSpanProcessor_NilEmptyData(t *testing.T) {
 		{Key: "attribute1", Action: processorhelper.DELETE},
 	}
 
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 	for i := range testCases {
@@ -183,7 +183,7 @@ func TestAttributes_FilterSpans(t *testing.T) {
 		},
 		Config: *createConfig(filterset.Strict),
 	}
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 
@@ -251,7 +251,7 @@ func TestAttributes_FilterSpansByNameStrict(t *testing.T) {
 		SpanNames: []string{"dont_apply"},
 		Config:    *createConfig(filterset.Strict),
 	}
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 
@@ -319,7 +319,7 @@ func TestAttributes_FilterSpansByNameRegexp(t *testing.T) {
 		SpanNames: []string{".*dont_apply$"},
 		Config:    *createConfig(filterset.Regexp),
 	}
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 
@@ -378,7 +378,7 @@ func TestAttributes_Hash(t *testing.T) {
 		{Key: "user.authenticated", Action: processorhelper.HASH},
 	}
 
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 
@@ -422,7 +422,7 @@ func BenchmarkAttributes_FilterSpansByName(b *testing.B) {
 	oCfg.Include = &filterconfig.MatchProperties{
 		SpanNames: []string{"^apply.*"},
 	}
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.Nil(b, err)
 	require.NotNil(b, tp)
 
diff --git a/processor/attributesprocessor/factory.go b/processor/attributesprocessor/factory.go
index 9405eab165f..1804b9d6393 100644
--- a/processor/attributesprocessor/factory.go
+++ b/processor/attributesprocessor/factory.go
@@ -51,7 +51,7 @@ func createDefaultConfig() config.Processor {
 
 func createTracesProcessor(
 	_ context.Context,
-	_ component.ProcessorCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Traces,
 ) (component.TracesProcessor, error) {
@@ -81,7 +81,7 @@ func createTracesProcessor(
 
 func createLogProcessor(
 	_ context.Context,
-	_ component.ProcessorCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Logs,
 ) (component.LogsProcessor, error) {
diff --git a/processor/attributesprocessor/factory_test.go b/processor/attributesprocessor/factory_test.go
index bce964ffe8a..dd5945746a0 100644
--- a/processor/attributesprocessor/factory_test.go
+++ b/processor/attributesprocessor/factory_test.go
@@ -46,7 +46,7 @@ func TestFactory_CreateDefaultConfig(t *testing.T) {
 func TestFactoryCreateTracesProcessor_EmptyActions(t *testing.T) {
 	factory := NewFactory()
 	cfg := factory.CreateDefaultConfig()
-	ap, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	ap, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	assert.Error(t, err)
 	assert.Nil(t, ap)
 }
@@ -59,7 +59,7 @@ func TestFactoryCreateTracesProcessor_InvalidActions(t *testing.T) {
 	oCfg.Actions = []processorhelper.ActionKeyValue{
 		{Key: "", Value: 123, Action: processorhelper.UPSERT},
 	}
-	ap, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	ap, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	assert.Error(t, err)
 	assert.Nil(t, ap)
 }
@@ -72,18 +72,18 @@ func TestFactoryCreateTracesProcessor(t *testing.T) {
 		{Key: "a key", Action: processorhelper.DELETE},
 	}
 
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	assert.NotNil(t, tp)
 	assert.NoError(t, err)
 
-	tp, err = factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, nil)
+	tp, err = factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, nil)
 	assert.Nil(t, tp)
 	assert.Error(t, err)
 
 	oCfg.Actions = []processorhelper.ActionKeyValue{
 		{Action: processorhelper.DELETE},
 	}
-	tp, err = factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err = factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	assert.Nil(t, tp)
 	assert.Error(t, err)
 }
@@ -92,7 +92,7 @@ func TestFactory_CreateMetricsProcessor(t *testing.T) {
 	factory := NewFactory()
 	cfg := factory.CreateDefaultConfig()
 
-	mp, err := factory.CreateMetricsProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, nil)
+	mp, err := factory.CreateMetricsProcessor(context.Background(), component.ComponentSettings{}, cfg, nil)
 	require.Nil(t, mp)
 	assert.Equal(t, err, componenterror.ErrDataTypeIsNotSupported)
 }
@@ -100,7 +100,7 @@ func TestFactory_CreateMetricsProcessor(t *testing.T) {
 func TestFactoryCreateLogsProcessor_EmptyActions(t *testing.T) {
 	factory := NewFactory()
 	cfg := factory.CreateDefaultConfig()
-	ap, err := factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	ap, err := factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	assert.Error(t, err)
 	assert.Nil(t, ap)
 }
@@ -113,7 +113,7 @@ func TestFactoryCreateLogsProcessor_InvalidActions(t *testing.T) {
 	oCfg.Actions = []processorhelper.ActionKeyValue{
 		{Key: "", Value: 123, Action: processorhelper.UPSERT},
 	}
-	ap, err := factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	ap, err := factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	assert.Error(t, err)
 	assert.Nil(t, ap)
 }
@@ -127,12 +127,12 @@ func TestFactoryCreateLogsProcessor(t *testing.T) {
 	}
 
 	tp, err := factory.CreateLogsProcessor(
-		context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+		context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	assert.NotNil(t, tp)
 	assert.NoError(t, err)
 
 	tp, err = factory.CreateLogsProcessor(
-		context.Background(), component.ProcessorCreateParams{}, cfg, nil)
+		context.Background(), component.ComponentSettings{}, cfg, nil)
 	assert.Nil(t, tp)
 	assert.Error(t, err)
 
@@ -140,7 +140,7 @@ func TestFactoryCreateLogsProcessor(t *testing.T) {
 		{Action: processorhelper.DELETE},
 	}
 	tp, err = factory.CreateLogsProcessor(
-		context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+		context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	assert.Nil(t, tp)
 	assert.Error(t, err)
 }
diff --git a/processor/batchprocessor/batch_processor.go b/processor/batchprocessor/batch_processor.go
index 80fcc7d5626..7eff4bc52f9 100644
--- a/processor/batchprocessor/batch_processor.go
+++ b/processor/batchprocessor/batch_processor.go
@@ -73,13 +73,13 @@ var _ consumer.Traces = (*batchProcessor)(nil)
 var _ consumer.Metrics = (*batchProcessor)(nil)
 var _ consumer.Logs = (*batchProcessor)(nil)
 
-func newBatchProcessor(params component.ProcessorCreateParams, cfg *Config, batch batch, telemetryLevel configtelemetry.Level) (*batchProcessor, error) {
+func newBatchProcessor(componentSettings component.ComponentSettings, cfg *Config, batch batch, telemetryLevel configtelemetry.Level) (*batchProcessor, error) {
 	exportCtx, err := tag.New(context.Background(), tag.Insert(processorTagKey, cfg.ID().String()))
 	if err != nil {
 		return nil, err
 	}
 	return &batchProcessor{
-		logger:         params.Logger,
+		logger:         componentSettings.Logger,
 		exportCtx:      exportCtx,
 		telemetryLevel: telemetryLevel,
 
@@ -205,18 +205,18 @@ func (bp *batchProcessor) ConsumeLogs(_ context.Context, ld pdata.Logs) error {
 }
 
 // newBatchTracesProcessor creates a new batch processor that batches traces by size or with timeout
-func newBatchTracesProcessor(params component.ProcessorCreateParams, next consumer.Traces, cfg *Config, telemetryLevel configtelemetry.Level) (*batchProcessor, error) {
-	return newBatchProcessor(params, cfg, newBatchTraces(next), telemetryLevel)
+func newBatchTracesProcessor(componentSettings component.ComponentSettings, trace consumer.Traces, cfg *Config, telemetryLevel configtelemetry.Level) (*batchProcessor, error) {
+	return newBatchProcessor(componentSettings, cfg, newBatchTraces(trace), telemetryLevel)
 }
 
 // newBatchMetricsProcessor creates a new batch processor that batches metrics by size or with timeout
-func newBatchMetricsProcessor(params component.ProcessorCreateParams, next consumer.Metrics, cfg *Config, telemetryLevel configtelemetry.Level) (*batchProcessor, error) {
-	return newBatchProcessor(params, cfg, newBatchMetrics(next), telemetryLevel)
+func newBatchMetricsProcessor(componentSettings component.ComponentSettings, metrics consumer.Metrics, cfg *Config, telemetryLevel configtelemetry.Level) (*batchProcessor, error) {
+	return newBatchProcessor(componentSettings, cfg, newBatchMetrics(metrics), telemetryLevel)
 }
 
 // newBatchLogsProcessor creates a new batch processor that batches logs by size or with timeout
-func newBatchLogsProcessor(params component.ProcessorCreateParams, next consumer.Logs, cfg *Config, telemetryLevel configtelemetry.Level) (*batchProcessor, error) {
-	return newBatchProcessor(params, cfg, newBatchLogs(next), telemetryLevel)
+func newBatchLogsProcessor(componentSettings component.ComponentSettings, logs consumer.Logs, cfg *Config, telemetryLevel configtelemetry.Level) (*batchProcessor, error) {
+	return newBatchProcessor(componentSettings, cfg, newBatchLogs(logs), telemetryLevel)
 }
 
 type batchTraces struct {
diff --git a/processor/batchprocessor/batch_processor_test.go b/processor/batchprocessor/batch_processor_test.go
index c9768cb78fa..7af774e6e86 100644
--- a/processor/batchprocessor/batch_processor_test.go
+++ b/processor/batchprocessor/batch_processor_test.go
@@ -38,8 +38,8 @@ func TestBatchProcessorSpansDelivered(t *testing.T) {
 	sink := new(consumertest.TracesSink)
 	cfg := createDefaultConfig().(*Config)
 	cfg.SendBatchSize = 128
-	creationParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	batcher, err := newBatchTracesProcessor(creationParams, sink, cfg, configtelemetry.LevelDetailed)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	batcher, err := newBatchTracesProcessor(componentSettings, sink, cfg, configtelemetry.LevelDetailed)
 	require.NoError(t, err)
 	require.NoError(t, batcher.Start(context.Background(), componenttest.NewNopHost()))
 
@@ -80,8 +80,8 @@ func TestBatchProcessorSpansDeliveredEnforceBatchSize(t *testing.T) {
 	cfg := createDefaultConfig().(*Config)
 	cfg.SendBatchSize = 128
 	cfg.SendBatchMaxSize = 130
-	creationParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	batcher, err := newBatchTracesProcessor(creationParams, sink, cfg, configtelemetry.LevelBasic)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	batcher, err := newBatchTracesProcessor(componentSettings, sink, cfg, configtelemetry.LevelBasic)
 	require.NoError(t, err)
 	require.NoError(t, batcher.Start(context.Background(), componenttest.NewNopHost()))
 
@@ -128,8 +128,8 @@ func TestBatchProcessorSentBySize(t *testing.T) {
 	sendBatchSize := 20
 	cfg.SendBatchSize = uint32(sendBatchSize)
 	cfg.Timeout = 500 * time.Millisecond
-	creationParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	batcher, err := newBatchTracesProcessor(creationParams, sink, cfg, configtelemetry.LevelDetailed)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	batcher, err := newBatchTracesProcessor(componentSettings, sink, cfg, configtelemetry.LevelDetailed)
 	require.NoError(t, err)
 	require.NoError(t, batcher.Start(context.Background(), componenttest.NewNopHost()))
 
@@ -186,13 +186,13 @@ func TestBatchProcessorSentByTimeout(t *testing.T) {
 	sendBatchSize := 100
 	cfg.SendBatchSize = uint32(sendBatchSize)
 	cfg.Timeout = 100 * time.Millisecond
-	creationParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
 
 	requestCount := 5
 	spansPerRequest := 10
 	start := time.Now()
 
-	batcher, err := newBatchTracesProcessor(creationParams, sink, cfg, configtelemetry.LevelDetailed)
+	batcher, err := newBatchTracesProcessor(componentSettings, sink, cfg, configtelemetry.LevelDetailed)
 	require.NoError(t, err)
 	require.NoError(t, batcher.Start(context.Background(), componenttest.NewNopHost()))
 
@@ -238,8 +238,8 @@ func TestBatchProcessorTraceSendWhenClosing(t *testing.T) {
 	}
 	sink := new(consumertest.TracesSink)
 
-	creationParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	batcher, err := newBatchTracesProcessor(creationParams, sink, &cfg, configtelemetry.LevelDetailed)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	batcher, err := newBatchTracesProcessor(componentSettings, sink, &cfg, configtelemetry.LevelDetailed)
 	require.NoError(t, err)
 	require.NoError(t, batcher.Start(context.Background(), componenttest.NewNopHost()))
 
@@ -269,8 +269,8 @@ func TestBatchMetricProcessor_ReceivingData(t *testing.T) {
 	metricsPerRequest := 5
 	sink := new(consumertest.MetricsSink)
 
-	createParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	batcher, err := newBatchMetricsProcessor(createParams, sink, &cfg, configtelemetry.LevelDetailed)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	batcher, err := newBatchMetricsProcessor(componentSettings, sink, &cfg, configtelemetry.LevelDetailed)
 	require.NoError(t, err)
 	require.NoError(t, batcher.Start(context.Background(), componenttest.NewNopHost()))
 
@@ -322,8 +322,8 @@ func TestBatchMetricProcessor_BatchSize(t *testing.T) {
 	metricsPerRequest := 5
 	sink := new(consumertest.MetricsSink)
 
-	createParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	batcher, err := newBatchMetricsProcessor(createParams, sink, &cfg, configtelemetry.LevelDetailed)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	batcher, err := newBatchMetricsProcessor(componentSettings, sink, &cfg, configtelemetry.LevelDetailed)
 	require.NoError(t, err)
 	require.NoError(t, batcher.Start(context.Background(), componenttest.NewNopHost()))
 
@@ -379,8 +379,8 @@ func TestBatchMetricsProcessor_Timeout(t *testing.T) {
 	metricsPerRequest := 10
 	sink := new(consumertest.MetricsSink)
 
-	createParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	batcher, err := newBatchMetricsProcessor(createParams, sink, &cfg, configtelemetry.LevelDetailed)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	batcher, err := newBatchMetricsProcessor(componentSettings, sink, &cfg, configtelemetry.LevelDetailed)
 	require.NoError(t, err)
 	require.NoError(t, batcher.Start(context.Background(), componenttest.NewNopHost()))
 
@@ -428,8 +428,8 @@ func TestBatchMetricProcessor_Shutdown(t *testing.T) {
 	metricsPerRequest := 10
 	sink := new(consumertest.MetricsSink)
 
-	createParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	batcher, err := newBatchMetricsProcessor(createParams, sink, &cfg, configtelemetry.LevelDetailed)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	batcher, err := newBatchMetricsProcessor(componentSettings, sink, &cfg, configtelemetry.LevelDetailed)
 	require.NoError(t, err)
 	require.NoError(t, batcher.Start(context.Background(), componenttest.NewNopHost()))
 
@@ -515,8 +515,8 @@ func TestBatchLogProcessor_ReceivingData(t *testing.T) {
 	logsPerRequest := 5
 	sink := new(consumertest.LogsSink)
 
-	createParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	batcher, err := newBatchLogsProcessor(createParams, sink, &cfg, configtelemetry.LevelDetailed)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	batcher, err := newBatchLogsProcessor(componentSettings, sink, &cfg, configtelemetry.LevelDetailed)
 	require.NoError(t, err)
 	require.NoError(t, batcher.Start(context.Background(), componenttest.NewNopHost()))
 
@@ -568,8 +568,8 @@ func TestBatchLogProcessor_BatchSize(t *testing.T) {
 	logsPerRequest := 5
 	sink := new(consumertest.LogsSink)
 
-	createParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	batcher, err := newBatchLogsProcessor(createParams, sink, &cfg, configtelemetry.LevelDetailed)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	batcher, err := newBatchLogsProcessor(componentSettings, sink, &cfg, configtelemetry.LevelDetailed)
 	require.NoError(t, err)
 	require.NoError(t, batcher.Start(context.Background(), componenttest.NewNopHost()))
 
@@ -625,8 +625,8 @@ func TestBatchLogsProcessor_Timeout(t *testing.T) {
 	logsPerRequest := 10
 	sink := new(consumertest.LogsSink)
 
-	createParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	batcher, err := newBatchLogsProcessor(createParams, sink, &cfg, configtelemetry.LevelDetailed)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	batcher, err := newBatchLogsProcessor(componentSettings, sink, &cfg, configtelemetry.LevelDetailed)
 	require.NoError(t, err)
 	require.NoError(t, batcher.Start(context.Background(), componenttest.NewNopHost()))
 
@@ -674,8 +674,8 @@ func TestBatchLogProcessor_Shutdown(t *testing.T) {
 	logsPerRequest := 10
 	sink := new(consumertest.LogsSink)
 
-	createParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	batcher, err := newBatchLogsProcessor(createParams, sink, &cfg, configtelemetry.LevelDetailed)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	batcher, err := newBatchLogsProcessor(componentSettings, sink, &cfg, configtelemetry.LevelDetailed)
 	require.NoError(t, err)
 	require.NoError(t, batcher.Start(context.Background(), componenttest.NewNopHost()))
 
diff --git a/processor/batchprocessor/factory.go b/processor/batchprocessor/factory.go
index 82e4b45f67a..b6c0ba9d21f 100644
--- a/processor/batchprocessor/factory.go
+++ b/processor/batchprocessor/factory.go
@@ -53,30 +53,30 @@ func createDefaultConfig() config.Processor {
 
 func createTracesProcessor(
 	_ context.Context,
-	params component.ProcessorCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Traces,
 ) (component.TracesProcessor, error) {
 	level := configtelemetry.GetMetricsLevelFlagValue()
-	return newBatchTracesProcessor(params, nextConsumer, cfg.(*Config), level)
+	return newBatchTracesProcessor(componentSettings, nextConsumer, cfg.(*Config), level)
 }
 
 func createMetricsProcessor(
 	_ context.Context,
-	params component.ProcessorCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Metrics,
 ) (component.MetricsProcessor, error) {
 	level := configtelemetry.GetMetricsLevelFlagValue()
-	return newBatchMetricsProcessor(params, nextConsumer, cfg.(*Config), level)
+	return newBatchMetricsProcessor(componentSettings, nextConsumer, cfg.(*Config), level)
 }
 
 func createLogsProcessor(
 	_ context.Context,
-	params component.ProcessorCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Logs,
 ) (component.LogsProcessor, error) {
 	level := configtelemetry.GetMetricsLevelFlagValue()
-	return newBatchLogsProcessor(params, nextConsumer, cfg.(*Config), level)
+	return newBatchLogsProcessor(componentSettings, nextConsumer, cfg.(*Config), level)
 }
diff --git a/processor/batchprocessor/factory_test.go b/processor/batchprocessor/factory_test.go
index 28d36d15d21..545d9d89029 100644
--- a/processor/batchprocessor/factory_test.go
+++ b/processor/batchprocessor/factory_test.go
@@ -37,16 +37,16 @@ func TestCreateProcessor(t *testing.T) {
 	factory := NewFactory()
 
 	cfg := factory.CreateDefaultConfig()
-	creationParams := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	tp, err := factory.CreateTracesProcessor(context.Background(), creationParams, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	tp, err := factory.CreateTracesProcessor(context.Background(), componentSettings, cfg, nil)
 	assert.NotNil(t, tp)
 	assert.NoError(t, err, "cannot create trace processor")
 
-	mp, err := factory.CreateMetricsProcessor(context.Background(), creationParams, cfg, nil)
+	mp, err := factory.CreateMetricsProcessor(context.Background(), componentSettings, cfg, nil)
 	assert.NotNil(t, mp)
 	assert.NoError(t, err, "cannot create metric processor")
 
-	lp, err := factory.CreateLogsProcessor(context.Background(), creationParams, cfg, nil)
+	lp, err := factory.CreateLogsProcessor(context.Background(), componentSettings, cfg, nil)
 	assert.NotNil(t, lp)
 	assert.NoError(t, err, "cannot create logs processor")
 }
diff --git a/processor/filterprocessor/expr_test.go b/processor/filterprocessor/expr_test.go
index 7a329bb2b56..e55ac76b5cb 100644
--- a/processor/filterprocessor/expr_test.go
+++ b/processor/filterprocessor/expr_test.go
@@ -156,7 +156,7 @@ func testProcessor(t *testing.T, include []string, exclude []string) (component.
 	core, logs := observer.New(zapcore.WarnLevel)
 	proc, err := factory.CreateMetricsProcessor(
 		ctx,
-		component.ProcessorCreateParams{
+		component.ComponentSettings{
 			Logger: zap.New(core),
 		},
 		cfg,
diff --git a/processor/filterprocessor/factory.go b/processor/filterprocessor/factory.go
index 11ef8ec85e9..0a3a2e1e6a1 100644
--- a/processor/filterprocessor/factory.go
+++ b/processor/filterprocessor/factory.go
@@ -46,11 +46,11 @@ func createDefaultConfig() config.Processor {
 
 func createMetricsProcessor(
 	_ context.Context,
-	params component.ProcessorCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Metrics,
 ) (component.MetricsProcessor, error) {
-	fp, err := newFilterMetricProcessor(params.Logger, cfg.(*Config))
+	fp, err := newFilterMetricProcessor(componentSettings.Logger, cfg.(*Config))
 	if err != nil {
 		return nil, err
 	}
diff --git a/processor/filterprocessor/factory_test.go b/processor/filterprocessor/factory_test.go
index 7b93b4cf616..fdaf4af8cf3 100644
--- a/processor/filterprocessor/factory_test.go
+++ b/processor/filterprocessor/factory_test.go
@@ -77,12 +77,12 @@ func TestCreateProcessors(t *testing.T) {
 			t.Run(fmt.Sprintf("%s/%s", test.configName, name), func(t *testing.T) {
 				factory := NewFactory()
 
-				tp, tErr := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
+				tp, tErr := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
 				// Not implemented error
 				assert.NotNil(t, tErr)
 				assert.Nil(t, tp)
 
-				mp, mErr := factory.CreateMetricsProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
+				mp, mErr := factory.CreateMetricsProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
 				assert.Equal(t, test.succeed, mp != nil)
 				assert.Equal(t, test.succeed, mErr == nil)
 			})
diff --git a/processor/filterprocessor/filter_processor_test.go b/processor/filterprocessor/filter_processor_test.go
index da6f86472e4..b1c5c28e3cd 100644
--- a/processor/filterprocessor/filter_processor_test.go
+++ b/processor/filterprocessor/filter_processor_test.go
@@ -315,7 +315,7 @@ func TestFilterMetricProcessor(t *testing.T) {
 			factory := NewFactory()
 			fmp, err := factory.CreateMetricsProcessor(
 				context.Background(),
-				component.ProcessorCreateParams{
+				component.ComponentSettings{
 					Logger: zap.NewNop(),
 				},
 				cfg,
@@ -452,7 +452,7 @@ func benchmarkFilter(b *testing.B, mp *filtermetric.MatchProperties) {
 	ctx := context.Background()
 	proc, _ := factory.CreateMetricsProcessor(
 		ctx,
-		component.ProcessorCreateParams{Logger: zap.NewNop()},
+		component.ComponentSettings{Logger: zap.NewNop()},
 		cfg,
 		consumertest.NewNop(),
 	)
@@ -529,7 +529,7 @@ func requireNotPanics(t *testing.T, metrics pdata.Metrics) {
 	ctx := context.Background()
 	proc, _ := factory.CreateMetricsProcessor(
 		ctx,
-		component.ProcessorCreateParams{
+		component.ComponentSettings{
 			Logger: zap.NewNop(),
 		},
 		cfg,
diff --git a/processor/memorylimiter/factory.go b/processor/memorylimiter/factory.go
index 5ace436ed30..2ed2bf2a35f 100644
--- a/processor/memorylimiter/factory.go
+++ b/processor/memorylimiter/factory.go
@@ -50,11 +50,11 @@ func createDefaultConfig() config.Processor {
 
 func createTracesProcessor(
 	_ context.Context,
-	params component.ProcessorCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Traces,
 ) (component.TracesProcessor, error) {
-	ml, err := newMemoryLimiter(params.Logger, cfg.(*Config))
+	ml, err := newMemoryLimiter(componentSettings.Logger, cfg.(*Config))
 	if err != nil {
 		return nil, err
 	}
@@ -68,11 +68,11 @@ func createTracesProcessor(
 
 func createMetricsProcessor(
 	_ context.Context,
-	params component.ProcessorCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Metrics,
 ) (component.MetricsProcessor, error) {
-	ml, err := newMemoryLimiter(params.Logger, cfg.(*Config))
+	ml, err := newMemoryLimiter(componentSettings.Logger, cfg.(*Config))
 	if err != nil {
 		return nil, err
 	}
@@ -86,11 +86,11 @@ func createMetricsProcessor(
 
 func createLogsProcessor(
 	_ context.Context,
-	params component.ProcessorCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Logs,
 ) (component.LogsProcessor, error) {
-	ml, err := newMemoryLimiter(params.Logger, cfg.(*Config))
+	ml, err := newMemoryLimiter(componentSettings.Logger, cfg.(*Config))
 	if err != nil {
 		return nil, err
 	}
diff --git a/processor/memorylimiter/factory_test.go b/processor/memorylimiter/factory_test.go
index 0134f2dded1..d62332fcd88 100644
--- a/processor/memorylimiter/factory_test.go
+++ b/processor/memorylimiter/factory_test.go
@@ -44,15 +44,15 @@ func TestCreateProcessor(t *testing.T) {
 	cfg := factory.CreateDefaultConfig()
 
 	// This processor can't be created with the default config.
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
 	assert.Nil(t, tp)
 	assert.Error(t, err, "created processor with invalid settings")
 
-	mp, err := factory.CreateMetricsProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
+	mp, err := factory.CreateMetricsProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
 	assert.Nil(t, mp)
 	assert.Error(t, err, "created processor with invalid settings")
 
-	lp, err := factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
+	lp, err := factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
 	assert.Nil(t, lp)
 	assert.Error(t, err, "created processor with invalid settings")
 
@@ -63,17 +63,17 @@ func TestCreateProcessor(t *testing.T) {
 	pCfg.BallastSizeMiB = 2048
 	pCfg.CheckInterval = 100 * time.Millisecond
 
-	tp, err = factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
+	tp, err = factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
 	assert.NoError(t, err)
 	assert.NotNil(t, tp)
 	assert.NoError(t, tp.Shutdown(context.Background()))
 
-	mp, err = factory.CreateMetricsProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
+	mp, err = factory.CreateMetricsProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
 	assert.NoError(t, err)
 	assert.NotNil(t, mp)
 	assert.NoError(t, mp.Shutdown(context.Background()))
 
-	lp, err = factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
+	lp, err = factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
 	assert.NoError(t, err)
 	assert.NotNil(t, lp)
 	assert.NoError(t, lp.Shutdown(context.Background()))
diff --git a/processor/probabilisticsamplerprocessor/factory.go b/processor/probabilisticsamplerprocessor/factory.go
index 65d9e1a364f..8cfd5d505fe 100644
--- a/processor/probabilisticsamplerprocessor/factory.go
+++ b/processor/probabilisticsamplerprocessor/factory.go
@@ -45,7 +45,7 @@ func createDefaultConfig() config.Processor {
 // createTracesProcessor creates a trace processor based on this config.
 func createTracesProcessor(
 	_ context.Context,
-	_ component.ProcessorCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Traces,
 ) (component.TracesProcessor, error) {
diff --git a/processor/probabilisticsamplerprocessor/factory_test.go b/processor/probabilisticsamplerprocessor/factory_test.go
index ebaf7cffddf..678d7899cae 100644
--- a/processor/probabilisticsamplerprocessor/factory_test.go
+++ b/processor/probabilisticsamplerprocessor/factory_test.go
@@ -34,8 +34,8 @@ func TestCreateDefaultConfig(t *testing.T) {
 
 func TestCreateProcessor(t *testing.T) {
 	cfg := createDefaultConfig()
-	params := component.ProcessorCreateParams{Logger: zap.NewNop()}
-	tp, err := createTracesProcessor(context.Background(), params, cfg, consumertest.NewNop())
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	tp, err := createTracesProcessor(context.Background(), componentSettings, cfg, consumertest.NewNop())
 	assert.NotNil(t, tp)
 	assert.NoError(t, err, "cannot create trace processor")
 }
diff --git a/processor/processorhelper/factory.go b/processor/processorhelper/factory.go
index ddab5a7fcb8..f414cf03db3 100644
--- a/processor/processorhelper/factory.go
+++ b/processor/processorhelper/factory.go
@@ -29,13 +29,13 @@ type FactoryOption func(o *factory)
 type CreateDefaultConfig func() config.Processor
 
 // CreateTracesProcessor is the equivalent of component.ProcessorFactory.CreateTracesProcessor()
-type CreateTracesProcessor func(context.Context, component.ProcessorCreateParams, config.Processor, consumer.Traces) (component.TracesProcessor, error)
+type CreateTracesProcessor func(context.Context, component.ComponentSettings, config.Processor, consumer.Traces) (component.TracesProcessor, error)
 
 // CreateMetricsProcessor is the equivalent of component.ProcessorFactory.CreateMetricsProcessor()
-type CreateMetricsProcessor func(context.Context, component.ProcessorCreateParams, config.Processor, consumer.Metrics) (component.MetricsProcessor, error)
+type CreateMetricsProcessor func(context.Context, component.ComponentSettings, config.Processor, consumer.Metrics) (component.MetricsProcessor, error)
 
 // CreateLogsProcessor is the equivalent of component.ProcessorFactory.CreateLogsProcessor()
-type CreateLogsProcessor func(context.Context, component.ProcessorCreateParams, config.Processor, consumer.Logs) (component.LogsProcessor, error)
+type CreateLogsProcessor func(context.Context, component.ComponentSettings, config.Processor, consumer.Logs) (component.LogsProcessor, error)
 
 type factory struct {
 	component.BaseProcessorFactory
@@ -95,38 +95,38 @@ func (f *factory) CreateDefaultConfig() config.Processor {
 // CreateTracesProcessor creates a component.TracesProcessor based on this config.
 func (f *factory) CreateTracesProcessor(
 	ctx context.Context,
-	params component.ProcessorCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Traces,
 ) (component.TracesProcessor, error) {
 	if f.createTracesProcessor == nil {
-		return f.BaseProcessorFactory.CreateTracesProcessor(ctx, params, cfg, nextConsumer)
+		return f.BaseProcessorFactory.CreateTracesProcessor(ctx, componentSettings, cfg, nextConsumer)
 	}
-	return f.createTracesProcessor(ctx, params, cfg, nextConsumer)
+	return f.createTracesProcessor(ctx, componentSettings, cfg, nextConsumer)
 }
 
 // CreateMetricsProcessor creates a component.MetricsProcessor based on this config.
 func (f *factory) CreateMetricsProcessor(
 	ctx context.Context,
-	params component.ProcessorCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Metrics,
 ) (component.MetricsProcessor, error) {
 	if f.createMetricsProcessor == nil {
-		return f.BaseProcessorFactory.CreateMetricsProcessor(ctx, params, cfg, nextConsumer)
+		return f.BaseProcessorFactory.CreateMetricsProcessor(ctx, componentSettings, cfg, nextConsumer)
 	}
-	return f.createMetricsProcessor(ctx, params, cfg, nextConsumer)
+	return f.createMetricsProcessor(ctx, componentSettings, cfg, nextConsumer)
 }
 
 // CreateLogsProcessor creates a component.LogsProcessor based on this config.
 func (f *factory) CreateLogsProcessor(
 	ctx context.Context,
-	params component.ProcessorCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Logs,
 ) (component.LogsProcessor, error) {
 	if f.createLogsProcessor == nil {
-		return f.BaseProcessorFactory.CreateLogsProcessor(ctx, params, cfg, nextConsumer)
+		return f.BaseProcessorFactory.CreateLogsProcessor(ctx, componentSettings, cfg, nextConsumer)
 	}
-	return f.createLogsProcessor(ctx, params, cfg, nextConsumer)
+	return f.createLogsProcessor(ctx, componentSettings, cfg, nextConsumer)
 }
diff --git a/processor/processorhelper/factory_test.go b/processor/processorhelper/factory_test.go
index 248d975c21e..e924345ec56 100644
--- a/processor/processorhelper/factory_test.go
+++ b/processor/processorhelper/factory_test.go
@@ -35,11 +35,11 @@ func TestNewTrace(t *testing.T) {
 		defaultConfig)
 	assert.EqualValues(t, typeStr, factory.Type())
 	assert.EqualValues(t, &defaultCfg, factory.CreateDefaultConfig())
-	_, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, &defaultCfg, nil)
+	_, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, &defaultCfg, nil)
 	assert.Error(t, err)
-	_, err = factory.CreateMetricsProcessor(context.Background(), component.ProcessorCreateParams{}, &defaultCfg, nil)
+	_, err = factory.CreateMetricsProcessor(context.Background(), component.ComponentSettings{}, &defaultCfg, nil)
 	assert.Error(t, err)
-	_, err = factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{}, &defaultCfg, nil)
+	_, err = factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{}, &defaultCfg, nil)
 	assert.Error(t, err)
 }
 
@@ -53,13 +53,13 @@ func TestNewMetrics_WithConstructors(t *testing.T) {
 	assert.EqualValues(t, typeStr, factory.Type())
 	assert.EqualValues(t, &defaultCfg, factory.CreateDefaultConfig())
 
-	_, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, &defaultCfg, nil)
+	_, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, &defaultCfg, nil)
 	assert.NoError(t, err)
 
-	_, err = factory.CreateMetricsProcessor(context.Background(), component.ProcessorCreateParams{}, &defaultCfg, nil)
+	_, err = factory.CreateMetricsProcessor(context.Background(), component.ComponentSettings{}, &defaultCfg, nil)
 	assert.NoError(t, err)
 
-	_, err = factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{}, &defaultCfg, nil)
+	_, err = factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{}, &defaultCfg, nil)
 	assert.NoError(t, err)
 }
 
@@ -67,14 +67,14 @@ func defaultConfig() config.Processor {
 	return &defaultCfg
 }
 
-func createTracesProcessor(context.Context, component.ProcessorCreateParams, config.Processor, consumer.Traces) (component.TracesProcessor, error) {
+func createTracesProcessor(context.Context, component.ComponentSettings, config.Processor, consumer.Traces) (component.TracesProcessor, error) {
 	return nil, nil
 }
 
-func createMetricsProcessor(context.Context, component.ProcessorCreateParams, config.Processor, consumer.Metrics) (component.MetricsProcessor, error) {
+func createMetricsProcessor(context.Context, component.ComponentSettings, config.Processor, consumer.Metrics) (component.MetricsProcessor, error) {
 	return nil, nil
 }
 
-func createLogsProcessor(context.Context, component.ProcessorCreateParams, config.Processor, consumer.Logs) (component.LogsProcessor, error) {
+func createLogsProcessor(context.Context, component.ComponentSettings, config.Processor, consumer.Logs) (component.LogsProcessor, error) {
 	return nil, nil
 }
diff --git a/processor/resourceprocessor/factory.go b/processor/resourceprocessor/factory.go
index bb09985fe5d..f3c62277cfc 100644
--- a/processor/resourceprocessor/factory.go
+++ b/processor/resourceprocessor/factory.go
@@ -50,7 +50,7 @@ func createDefaultConfig() config.Processor {
 
 func createTracesProcessor(
 	_ context.Context,
-	_ component.ProcessorCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Traces) (component.TracesProcessor, error) {
 	attrProc, err := createAttrProcessor(cfg.(*Config))
@@ -66,7 +66,7 @@ func createTracesProcessor(
 
 func createMetricsProcessor(
 	_ context.Context,
-	_ component.ProcessorCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Metrics) (component.MetricsProcessor, error) {
 	attrProc, err := createAttrProcessor(cfg.(*Config))
@@ -82,7 +82,7 @@ func createMetricsProcessor(
 
 func createLogsProcessor(
 	_ context.Context,
-	_ component.ProcessorCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Logs) (component.LogsProcessor, error) {
 	attrProc, err := createAttrProcessor(cfg.(*Config))
diff --git a/processor/resourceprocessor/factory_test.go b/processor/resourceprocessor/factory_test.go
index 37e5baba89a..0400d6105b7 100644
--- a/processor/resourceprocessor/factory_test.go
+++ b/processor/resourceprocessor/factory_test.go
@@ -43,11 +43,11 @@ func TestCreateProcessor(t *testing.T) {
 		},
 	}
 
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	assert.NoError(t, err)
 	assert.NotNil(t, tp)
 
-	mp, err := factory.CreateMetricsProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	mp, err := factory.CreateMetricsProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	assert.NoError(t, err)
 	assert.NotNil(t, mp)
 }
@@ -56,10 +56,10 @@ func TestInvalidEmptyActions(t *testing.T) {
 	factory := NewFactory()
 	cfg := factory.CreateDefaultConfig()
 
-	_, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	_, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	assert.Error(t, err)
 
-	_, err = factory.CreateMetricsProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	_, err = factory.CreateMetricsProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	assert.Error(t, err)
 }
 
@@ -72,9 +72,9 @@ func TestInvalidAttributeActions(t *testing.T) {
 		},
 	}
 
-	_, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, nil)
+	_, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, nil)
 	assert.Error(t, err)
 
-	_, err = factory.CreateMetricsProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, nil)
+	_, err = factory.CreateMetricsProcessor(context.Background(), component.ComponentSettings{}, cfg, nil)
 	assert.Error(t, err)
 }
diff --git a/processor/resourceprocessor/resource_processor_test.go b/processor/resourceprocessor/resource_processor_test.go
index a2ebf107c9c..1b61811b05c 100644
--- a/processor/resourceprocessor/resource_processor_test.go
+++ b/processor/resourceprocessor/resource_processor_test.go
@@ -100,7 +100,7 @@ func TestResourceProcessorAttributesUpsert(t *testing.T) {
 			ttn := &testTraceConsumer{}
 
 			factory := NewFactory()
-			rtp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, tt.config, ttn)
+			rtp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, tt.config, ttn)
 			require.NoError(t, err)
 			assert.True(t, rtp.GetCapabilities().MutatesConsumedData)
 
@@ -112,7 +112,7 @@ func TestResourceProcessorAttributesUpsert(t *testing.T) {
 
 			// Test metrics consumer
 			tmn := &testMetricsConsumer{}
-			rmp, err := factory.CreateMetricsProcessor(context.Background(), component.ProcessorCreateParams{}, tt.config, tmn)
+			rmp, err := factory.CreateMetricsProcessor(context.Background(), component.ComponentSettings{}, tt.config, tmn)
 			require.NoError(t, err)
 			assert.True(t, rtp.GetCapabilities().MutatesConsumedData)
 
@@ -124,7 +124,7 @@ func TestResourceProcessorAttributesUpsert(t *testing.T) {
 
 			// Test logs consumer
 			tln := &testLogsConsumer{}
-			rlp, err := factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{}, tt.config, tln)
+			rlp, err := factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{}, tt.config, tln)
 			require.NoError(t, err)
 			assert.True(t, rtp.GetCapabilities().MutatesConsumedData)
 
@@ -146,19 +146,19 @@ func TestResourceProcessorError(t *testing.T) {
 	}
 
 	factory := NewFactory()
-	rtp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, badCfg, ttn)
+	rtp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, badCfg, ttn)
 	require.Error(t, err)
 	require.Nil(t, rtp)
 
 	// Test metrics consumer
 	tmn := &testMetricsConsumer{}
-	rmp, err := factory.CreateMetricsProcessor(context.Background(), component.ProcessorCreateParams{}, badCfg, tmn)
+	rmp, err := factory.CreateMetricsProcessor(context.Background(), component.ComponentSettings{}, badCfg, tmn)
 	require.Error(t, err)
 	require.Nil(t, rmp)
 
 	// Test logs consumer
 	tln := &testLogsConsumer{}
-	rlp, err := factory.CreateLogsProcessor(context.Background(), component.ProcessorCreateParams{}, badCfg, tln)
+	rlp, err := factory.CreateLogsProcessor(context.Background(), component.ComponentSettings{}, badCfg, tln)
 	require.Error(t, err)
 	require.Nil(t, rlp)
 }
diff --git a/processor/spanprocessor/factory.go b/processor/spanprocessor/factory.go
index 5a8d943a52d..dc85085593e 100644
--- a/processor/spanprocessor/factory.go
+++ b/processor/spanprocessor/factory.go
@@ -53,7 +53,7 @@ func createDefaultConfig() config.Processor {
 
 func createTracesProcessor(
 	_ context.Context,
-	_ component.ProcessorCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Processor,
 	nextConsumer consumer.Traces,
 ) (component.TracesProcessor, error) {
diff --git a/processor/spanprocessor/factory_test.go b/processor/spanprocessor/factory_test.go
index 6b9b3225cb6..c31138f9955 100644
--- a/processor/spanprocessor/factory_test.go
+++ b/processor/spanprocessor/factory_test.go
@@ -52,7 +52,7 @@ func TestFactory_CreateTracesProcessor(t *testing.T) {
 
 	// Name.FromAttributes field needs to be set for the configuration to be valid.
 	oCfg.Rename.FromAttributes = []string{"test-key"}
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
 
 	require.Nil(t, err)
 	assert.NotNil(t, tp)
@@ -89,7 +89,7 @@ func TestFactory_CreateTracesProcessor_InvalidConfig(t *testing.T) {
 			cfg := factory.CreateDefaultConfig().(*Config)
 			cfg.Rename = test.cfg
 
-			tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
+			tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
 			require.Nil(t, tp)
 			assert.EqualValues(t, err, test.err)
 		})
@@ -100,7 +100,7 @@ func TestFactory_CreateMetricProcessor(t *testing.T) {
 	factory := NewFactory()
 	cfg := factory.CreateDefaultConfig()
 
-	mp, err := factory.CreateMetricsProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, cfg, nil)
+	mp, err := factory.CreateMetricsProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, nil)
 	require.Nil(t, mp)
 	assert.Equal(t, err, componenterror.ErrDataTypeIsNotSupported)
 }
diff --git a/processor/spanprocessor/span_test.go b/processor/spanprocessor/span_test.go
index 12a52785416..1f647e4d5e3 100644
--- a/processor/spanprocessor/span_test.go
+++ b/processor/spanprocessor/span_test.go
@@ -37,11 +37,11 @@ func TestNewTracesProcessor(t *testing.T) {
 	cfg := factory.CreateDefaultConfig()
 	oCfg := cfg.(*Config)
 	oCfg.Rename.FromAttributes = []string{"foo"}
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, nil)
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, nil)
 	require.Error(t, componenterror.ErrNilNextConsumer, err)
 	require.Nil(t, tp)
 
-	tp, err = factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{}, cfg, consumertest.NewNop())
+	tp, err = factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{}, cfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 }
@@ -129,7 +129,7 @@ func TestSpanProcessor_NilEmptyData(t *testing.T) {
 	}
 	oCfg.Rename.FromAttributes = []string{"key"}
 
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 	for i := range testCases {
@@ -233,7 +233,7 @@ func TestSpanProcessor_Values(t *testing.T) {
 	oCfg := cfg.(*Config)
 	oCfg.Rename.FromAttributes = []string{"key1"}
 
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 	for _, tc := range testCases {
@@ -309,7 +309,7 @@ func TestSpanProcessor_MissingKeys(t *testing.T) {
 	oCfg.Rename.FromAttributes = []string{"key1", "key2", "key3", "key4"}
 	oCfg.Rename.Separator = "::"
 
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 	for _, tc := range testCases {
@@ -327,7 +327,7 @@ func TestSpanProcessor_Separator(t *testing.T) {
 	oCfg.Rename.FromAttributes = []string{"key1"}
 	oCfg.Rename.Separator = "::"
 
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 
@@ -356,7 +356,7 @@ func TestSpanProcessor_NoSeparatorMultipleKeys(t *testing.T) {
 	oCfg.Rename.FromAttributes = []string{"key1", "key2"}
 	oCfg.Rename.Separator = ""
 
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 
@@ -386,7 +386,7 @@ func TestSpanProcessor_SeparatorMultipleKeys(t *testing.T) {
 	oCfg.Rename.FromAttributes = []string{"key1", "key2", "key3", "key4"}
 	oCfg.Rename.Separator = "::"
 
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 
@@ -421,7 +421,7 @@ func TestSpanProcessor_NilName(t *testing.T) {
 	oCfg.Rename.FromAttributes = []string{"key1"}
 	oCfg.Rename.Separator = "::"
 
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 
@@ -518,7 +518,7 @@ func TestSpanProcessor_ToAttributes(t *testing.T) {
 	for _, tc := range testCases {
 		oCfg.Rename.ToAttributes.Rules = tc.rules
 		oCfg.Rename.ToAttributes.BreakAfterMatch = tc.breakAfterMatch
-		tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
+		tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
 		require.Nil(t, err)
 		require.NotNil(t, tp)
 
@@ -585,7 +585,7 @@ func TestSpanProcessor_skipSpan(t *testing.T) {
 	oCfg.Rename.ToAttributes = &ToAttributes{
 		Rules: []string{`(?P<operation_website>.*?)$`},
 	}
-	tp, err := factory.CreateTracesProcessor(context.Background(), component.ProcessorCreateParams{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
+	tp, err := factory.CreateTracesProcessor(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, oCfg, consumertest.NewNop())
 	require.Nil(t, err)
 	require.NotNil(t, tp)
 
diff --git a/receiver/hostmetricsreceiver/factory.go b/receiver/hostmetricsreceiver/factory.go
index f48ea0e0b08..715f06221ea 100644
--- a/receiver/hostmetricsreceiver/factory.go
+++ b/receiver/hostmetricsreceiver/factory.go
@@ -89,20 +89,20 @@ func createDefaultConfig() config.Receiver {
 // createMetricsReceiver creates a metrics receiver based on provided config.
 func createMetricsReceiver(
 	ctx context.Context,
-	params component.ReceiverCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Receiver,
 	consumer consumer.Metrics,
 ) (component.MetricsReceiver, error) {
 	oCfg := cfg.(*Config)
 
-	addScraperOptions, err := createAddScraperOptions(ctx, params.Logger, oCfg, scraperFactories, resourceScraperFactories)
+	addScraperOptions, err := createAddScraperOptions(ctx, componentSettings.Logger, oCfg, scraperFactories, resourceScraperFactories)
 	if err != nil {
 		return nil, err
 	}
 
 	return scraperhelper.NewScraperControllerReceiver(
 		&oCfg.ScraperControllerSettings,
-		params.Logger,
+		componentSettings.Logger,
 		consumer,
 		addScraperOptions...,
 	)
diff --git a/receiver/hostmetricsreceiver/factory_test.go b/receiver/hostmetricsreceiver/factory_test.go
index c88ca19d2e9..1ce6eaae5af 100644
--- a/receiver/hostmetricsreceiver/factory_test.go
+++ b/receiver/hostmetricsreceiver/factory_test.go
@@ -29,7 +29,7 @@ import (
 	"go.opentelemetry.io/collector/receiver/hostmetricsreceiver/internal"
 )
 
-var creationParams = component.ReceiverCreateParams{Logger: zap.NewNop()}
+var creationParams = component.ComponentSettings{Logger: zap.NewNop()}
 
 func TestCreateDefaultConfig(t *testing.T) {
 	factory := NewFactory()
diff --git a/receiver/jaegerreceiver/factory.go b/receiver/jaegerreceiver/factory.go
index 0ee932be255..40f7047c0f1 100644
--- a/receiver/jaegerreceiver/factory.go
+++ b/receiver/jaegerreceiver/factory.go
@@ -85,7 +85,7 @@ func createDefaultConfig() config.Receiver {
 // createTracesReceiver creates a trace receiver based on provided config.
 func createTracesReceiver(
 	_ context.Context,
-	params component.ReceiverCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Traces,
 ) (component.TracesReceiver, error) {
@@ -174,7 +174,7 @@ func createTracesReceiver(
 	}
 
 	// Create the receiver.
-	return newJaegerReceiver(rCfg.ID().String(), &config, nextConsumer, params), nil
+	return newJaegerReceiver(rCfg.ID().String(), &config, nextConsumer, componentSettings), nil
 }
 
 // extract the port number from string in "address:port" format. If the
diff --git a/receiver/jaegerreceiver/factory_test.go b/receiver/jaegerreceiver/factory_test.go
index 2102396a977..15fb2591e58 100644
--- a/receiver/jaegerreceiver/factory_test.go
+++ b/receiver/jaegerreceiver/factory_test.go
@@ -59,12 +59,12 @@ func TestCreateReceiver(t *testing.T) {
 			Transport: "tcp",
 		},
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	tReceiver, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	tReceiver, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 	assert.NoError(t, err, "receiver creation failed")
 	assert.NotNil(t, tReceiver, "receiver creation failed")
 
-	mReceiver, err := factory.CreateMetricsReceiver(context.Background(), params, cfg, nil)
+	mReceiver, err := factory.CreateMetricsReceiver(context.Background(), componentSettings, cfg, nil)
 	assert.Equal(t, err, componenterror.ErrDataTypeIsNotSupported)
 	assert.Nil(t, mReceiver)
 }
@@ -83,12 +83,12 @@ func TestCreateReceiverGeneralConfig(t *testing.T) {
 	rCfg, ok := cfg.Receivers[config.NewIDWithName(typeStr, "customname")]
 	require.True(t, ok)
 
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	tReceiver, err := factory.CreateTracesReceiver(context.Background(), params, rCfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	tReceiver, err := factory.CreateTracesReceiver(context.Background(), componentSettings, rCfg, nil)
 	assert.NoError(t, err, "receiver creation failed")
 	assert.NotNil(t, tReceiver, "receiver creation failed")
 
-	mReceiver, err := factory.CreateMetricsReceiver(context.Background(), params, rCfg, nil)
+	mReceiver, err := factory.CreateMetricsReceiver(context.Background(), componentSettings, rCfg, nil)
 	assert.Equal(t, err, componenterror.ErrDataTypeIsNotSupported)
 	assert.Nil(t, mReceiver)
 }
@@ -104,8 +104,8 @@ func TestCreateDefaultGRPCEndpoint(t *testing.T) {
 			Transport: "tcp",
 		},
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	r, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	r, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 
 	assert.NoError(t, err, "unexpected error creating receiver")
 	assert.Equal(t, 14250, r.(*jReceiver).config.CollectorGRPCPort, "grpc port should be default")
@@ -127,9 +127,9 @@ func TestCreateTLSGPRCEndpoint(t *testing.T) {
 			},
 		},
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
 
-	_, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	_, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 	assert.NoError(t, err, "tls-enabled receiver creation failed")
 }
 
@@ -147,7 +147,7 @@ func TestCreateTLSThriftHTTPEndpoint(t *testing.T) {
 		},
 	}
 
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
+	params := component.ComponentSettings{Logger: zap.NewNop()}
 
 	_, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
 	assert.NoError(t, err, "tls-enabled receiver creation failed")
@@ -160,8 +160,8 @@ func TestCreateInvalidHTTPEndpoint(t *testing.T) {
 	cfg.(*Config).Protocols.ThriftHTTP = &confighttp.HTTPServerSettings{
 		Endpoint: defaultHTTPBindEndpoint,
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	r, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	r, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 
 	assert.NoError(t, err, "unexpected error creating receiver")
 	assert.Equal(t, 14268, r.(*jReceiver).config.CollectorHTTPPort, "http port should be default")
@@ -174,8 +174,8 @@ func TestCreateInvalidThriftBinaryEndpoint(t *testing.T) {
 	cfg.(*Config).Protocols.ThriftBinary = &ProtocolUDP{
 		Endpoint: defaultThriftBinaryBindEndpoint,
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	r, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	r, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 
 	assert.NoError(t, err, "unexpected error creating receiver")
 	assert.Equal(t, 6832, r.(*jReceiver).config.AgentBinaryThriftPort, "thrift port should be default")
@@ -188,8 +188,8 @@ func TestCreateInvalidThriftCompactEndpoint(t *testing.T) {
 	cfg.(*Config).Protocols.ThriftCompact = &ProtocolUDP{
 		Endpoint: defaultThriftCompactBindEndpoint,
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	r, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	r, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 
 	assert.NoError(t, err, "unexpected error creating receiver")
 	assert.Equal(t, 6831, r.(*jReceiver).config.AgentCompactThriftPort, "thrift port should be default")
@@ -204,8 +204,8 @@ func TestDefaultAgentRemoteSamplingEndpointAndPort(t *testing.T) {
 		Endpoint: defaultThriftCompactBindEndpoint,
 	}
 	rCfg.RemoteSampling = &RemoteSamplingConfig{}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	r, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	r, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 
 	assert.NoError(t, err, "create trace receiver should not error")
 	assert.Equal(t, defaultGRPCBindEndpoint, r.(*jReceiver).config.RemoteSamplingClientSettings.Endpoint)
@@ -226,8 +226,8 @@ func TestAgentRemoteSamplingEndpoint(t *testing.T) {
 			Endpoint: endpoint,
 		},
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	r, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	r, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 
 	assert.NoError(t, err, "create trace receiver should not error")
 	assert.Equal(t, endpoint, r.(*jReceiver).config.RemoteSamplingClientSettings.Endpoint)
@@ -241,8 +241,8 @@ func TestCreateNoPort(t *testing.T) {
 	cfg.(*Config).Protocols.ThriftHTTP = &confighttp.HTTPServerSettings{
 		Endpoint: "localhost:",
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	_, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	_, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 	assert.Error(t, err, "receiver creation with no port number must fail")
 }
 
@@ -253,8 +253,8 @@ func TestCreateLargePort(t *testing.T) {
 	cfg.(*Config).Protocols.ThriftHTTP = &confighttp.HTTPServerSettings{
 		Endpoint: "localhost:65536",
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	_, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	_, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 	assert.Error(t, err, "receiver creation with too large port number must fail")
 }
 
@@ -269,8 +269,8 @@ func TestCreateInvalidHost(t *testing.T) {
 		},
 	}
 
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	_, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	_, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 	assert.Error(t, err, "receiver creation with bad hostname must fail")
 }
 
@@ -279,8 +279,8 @@ func TestCreateNoProtocols(t *testing.T) {
 	cfg := factory.CreateDefaultConfig()
 
 	cfg.(*Config).Protocols = Protocols{}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	_, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	_, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 	assert.Error(t, err, "receiver creation with no protocols must fail")
 }
 
@@ -291,8 +291,8 @@ func TestThriftBinaryBadPort(t *testing.T) {
 	cfg.(*Config).Protocols.ThriftBinary = &ProtocolUDP{
 		Endpoint: "localhost:65536",
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	_, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	_, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 	assert.Error(t, err, "receiver creation with a bad thrift binary port must fail")
 }
 
@@ -304,8 +304,8 @@ func TestThriftCompactBadPort(t *testing.T) {
 		Endpoint: "localhost:65536",
 	}
 
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	_, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	_, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 	assert.Error(t, err, "receiver creation with a bad thrift compact port must fail")
 }
 
@@ -330,8 +330,8 @@ func TestRemoteSamplingConfigPropagation(t *testing.T) {
 		HostEndpoint: fmt.Sprintf("localhost:%d", hostPort),
 		StrategyFile: strategyFile,
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	r, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	r, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 
 	assert.NoError(t, err, "create trace receiver should not error")
 	assert.Equal(t, endpoint, r.(*jReceiver).config.RemoteSamplingClientSettings.Endpoint)
@@ -352,8 +352,8 @@ func TestRemoteSamplingFileRequiresGRPC(t *testing.T) {
 	rCfg.RemoteSampling = &RemoteSamplingConfig{
 		StrategyFile: "strategies.json",
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	_, err := factory.CreateTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	_, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, nil)
 
 	assert.Error(t, err, "create trace receiver should error")
 }
diff --git a/receiver/jaegerreceiver/jaeger_agent_test.go b/receiver/jaegerreceiver/jaeger_agent_test.go
index 2720c62ed5a..0565df07f74 100644
--- a/receiver/jaegerreceiver/jaeger_agent_test.go
+++ b/receiver/jaegerreceiver/jaeger_agent_test.go
@@ -62,8 +62,8 @@ func TestJaegerAgentUDP_ThriftCompact_InvalidPort(t *testing.T) {
 	config := &configuration{
 		AgentCompactThriftPort: port,
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr := newJaegerReceiver(jaegerAgent, config, nil, params)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr := newJaegerReceiver(jaegerAgent, config, nil, componentSettings)
 
 	assert.Error(t, jr.Start(context.Background(), componenttest.NewNopHost()), "should not have been able to startTraceReception")
 
@@ -87,8 +87,8 @@ func TestJaegerAgentUDP_ThriftBinary_PortInUse(t *testing.T) {
 		AgentBinaryThriftPort:   int(port),
 		AgentBinaryThriftConfig: DefaultServerConfigUDP(),
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr := newJaegerReceiver(jaegerAgent, config, nil, params)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr := newJaegerReceiver(jaegerAgent, config, nil, componentSettings)
 
 	assert.NoError(t, jr.startAgent(componenttest.NewNopHost()), "Start failed")
 	t.Cleanup(func() { require.NoError(t, jr.Shutdown(context.Background())) })
@@ -107,8 +107,8 @@ func TestJaegerAgentUDP_ThriftBinary_InvalidPort(t *testing.T) {
 	config := &configuration{
 		AgentBinaryThriftPort: port,
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr := newJaegerReceiver(jaegerAgent, config, nil, params)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr := newJaegerReceiver(jaegerAgent, config, nil, componentSettings)
 
 	assert.Error(t, jr.Start(context.Background(), componenttest.NewNopHost()), "should not have been able to startTraceReception")
 
@@ -150,8 +150,8 @@ func TestJaegerHTTP(t *testing.T) {
 			},
 		},
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr := newJaegerReceiver(jaegerAgent, config, nil, params)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr := newJaegerReceiver(jaegerAgent, config, nil, componentSettings)
 	t.Cleanup(func() { require.NoError(t, jr.Shutdown(context.Background())) })
 
 	assert.NoError(t, jr.Start(context.Background(), componenttest.NewNopHost()), "Start failed")
@@ -188,8 +188,8 @@ func TestJaegerHTTP(t *testing.T) {
 func testJaegerAgent(t *testing.T, agentEndpoint string, receiverConfig *configuration) {
 	// 1. Create the Jaeger receiver aka "server"
 	sink := new(consumertest.TracesSink)
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr := newJaegerReceiver(jaegerAgent, receiverConfig, sink, params)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr := newJaegerReceiver(jaegerAgent, receiverConfig, sink, componentSettings)
 	t.Cleanup(func() { require.NoError(t, jr.Shutdown(context.Background())) })
 
 	assert.NoError(t, jr.Start(context.Background(), componenttest.NewNopHost()), "Start failed")
diff --git a/receiver/jaegerreceiver/trace_receiver.go b/receiver/jaegerreceiver/trace_receiver.go
index 14208c2baca..8470ec343c4 100644
--- a/receiver/jaegerreceiver/trace_receiver.go
+++ b/receiver/jaegerreceiver/trace_receiver.go
@@ -119,13 +119,13 @@ func newJaegerReceiver(
 	instanceName string,
 	config *configuration,
 	nextConsumer consumer.Traces,
-	params component.ReceiverCreateParams,
+	componentSettings component.ComponentSettings,
 ) *jReceiver {
 	return &jReceiver{
 		config:       config,
 		nextConsumer: nextConsumer,
 		instanceName: instanceName,
-		logger:       params.Logger,
+		logger:       componentSettings.Logger,
 	}
 }
 
diff --git a/receiver/jaegerreceiver/trace_receiver_test.go b/receiver/jaegerreceiver/trace_receiver_test.go
index 1e2e8117247..4eb3af40969 100644
--- a/receiver/jaegerreceiver/trace_receiver_test.go
+++ b/receiver/jaegerreceiver/trace_receiver_test.go
@@ -57,8 +57,8 @@ import (
 const jaegerReceiver = "jaeger_receiver_test"
 
 func TestTraceSource(t *testing.T) {
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr := newJaegerReceiver(jaegerReceiver, &configuration{}, nil, params)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr := newJaegerReceiver(jaegerReceiver, &configuration{}, nil, componentSettings)
 	require.NotNil(t, jr)
 }
 
@@ -137,8 +137,8 @@ func TestReception(t *testing.T) {
 	}
 	sink := new(consumertest.TracesSink)
 
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr := newJaegerReceiver(jaegerReceiver, config, sink, params)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr := newJaegerReceiver(jaegerReceiver, config, sink, componentSettings)
 
 	require.NoError(t, jr.Start(context.Background(), componenttest.NewNopHost()))
 	t.Cleanup(func() { require.NoError(t, jr.Shutdown(context.Background())) })
@@ -166,8 +166,8 @@ func TestPortsNotOpen(t *testing.T) {
 
 	sink := new(consumertest.TracesSink)
 
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr := newJaegerReceiver(jaegerReceiver, config, sink, params)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr := newJaegerReceiver(jaegerReceiver, config, sink, componentSettings)
 
 	require.NoError(t, jr.Start(context.Background(), componenttest.NewNopHost()))
 	t.Cleanup(func() { require.NoError(t, jr.Shutdown(context.Background())) })
@@ -195,8 +195,8 @@ func TestGRPCReception(t *testing.T) {
 	}
 	sink := new(consumertest.TracesSink)
 
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr := newJaegerReceiver(jaegerReceiver, config, sink, params)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr := newJaegerReceiver(jaegerReceiver, config, sink, componentSettings)
 
 	require.NoError(t, jr.Start(context.Background(), componenttest.NewNopHost()))
 	t.Cleanup(func() { require.NoError(t, jr.Shutdown(context.Background())) })
@@ -250,8 +250,8 @@ func TestGRPCReceptionWithTLS(t *testing.T) {
 	}
 	sink := new(consumertest.TracesSink)
 
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr := newJaegerReceiver(jaegerReceiver, config, sink, params)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr := newJaegerReceiver(jaegerReceiver, config, sink, componentSettings)
 
 	require.NoError(t, jr.Start(context.Background(), componenttest.NewNopHost()))
 	t.Cleanup(func() { require.NoError(t, jr.Shutdown(context.Background())) })
@@ -383,8 +383,8 @@ func TestSampling(t *testing.T) {
 	}
 	sink := new(consumertest.TracesSink)
 
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr := newJaegerReceiver(jaegerReceiver, config, sink, params)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr := newJaegerReceiver(jaegerReceiver, config, sink, componentSettings)
 
 	require.NoError(t, jr.Start(context.Background(), componenttest.NewNopHost()))
 	t.Cleanup(func() { require.NoError(t, jr.Shutdown(context.Background())) })
@@ -434,8 +434,8 @@ func TestSamplingFailsOnNotConfigured(t *testing.T) {
 	}
 	sink := new(consumertest.TracesSink)
 
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr := newJaegerReceiver(jaegerReceiver, config, sink, params)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr := newJaegerReceiver(jaegerReceiver, config, sink, componentSettings)
 
 	require.NoError(t, jr.Start(context.Background(), componenttest.NewNopHost()))
 	t.Cleanup(func() { require.NoError(t, jr.Shutdown(context.Background())) })
@@ -462,8 +462,8 @@ func TestSamplingFailsOnBadFile(t *testing.T) {
 	}
 	sink := new(consumertest.TracesSink)
 
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr := newJaegerReceiver(jaegerReceiver, config, sink, params)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr := newJaegerReceiver(jaegerReceiver, config, sink, componentSettings)
 	assert.Error(t, jr.Start(context.Background(), componenttest.NewNopHost()))
 	t.Cleanup(func() { require.NoError(t, jr.Shutdown(context.Background())) })
 }
@@ -521,7 +521,7 @@ func TestSamplingStrategiesMutualTLS(t *testing.T) {
 	cfg.Protocols.ThriftHTTP = &confighttp.HTTPServerSettings{
 		Endpoint: fmt.Sprintf("localhost:%d", thriftHTTPPort),
 	}
-	exp, err := factory.CreateTracesReceiver(context.Background(), component.ReceiverCreateParams{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
+	exp, err := factory.CreateTracesReceiver(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, cfg, consumertest.NewNop())
 	require.NoError(t, err)
 	require.NoError(t, exp.Start(context.Background(), newAssertNoErrorHost(t)))
 	t.Cleanup(func() { require.NoError(t, exp.Shutdown(context.Background())) })
diff --git a/receiver/kafkareceiver/factory.go b/receiver/kafkareceiver/factory.go
index a9ab9b6ca0c..d5624c565e0 100644
--- a/receiver/kafkareceiver/factory.go
+++ b/receiver/kafkareceiver/factory.go
@@ -105,12 +105,12 @@ type kafkaReceiverFactory struct {
 
 func (f *kafkaReceiverFactory) createTracesReceiver(
 	_ context.Context,
-	params component.ReceiverCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Traces,
 ) (component.TracesReceiver, error) {
 	c := cfg.(*Config)
-	r, err := newTracesReceiver(*c, params, f.tracesUnmarshalers, nextConsumer)
+	r, err := newTracesReceiver(*c, componentSettings, f.tracesUnmarshalers, nextConsumer)
 	if err != nil {
 		return nil, err
 	}
@@ -119,12 +119,12 @@ func (f *kafkaReceiverFactory) createTracesReceiver(
 
 func (f *kafkaReceiverFactory) createLogsReceiver(
 	_ context.Context,
-	params component.ReceiverCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Logs,
 ) (component.LogsReceiver, error) {
 	c := cfg.(*Config)
-	r, err := newLogsReceiver(*c, params, f.logsUnmarshalers, nextConsumer)
+	r, err := newLogsReceiver(*c, componentSettings, f.logsUnmarshalers, nextConsumer)
 	if err != nil {
 		return nil, err
 	}
diff --git a/receiver/kafkareceiver/factory_test.go b/receiver/kafkareceiver/factory_test.go
index dbf560f3abe..931444f0033 100644
--- a/receiver/kafkareceiver/factory_test.go
+++ b/receiver/kafkareceiver/factory_test.go
@@ -41,7 +41,7 @@ func TestCreateTracesReceiver(t *testing.T) {
 	cfg.Brokers = []string{"invalid:9092"}
 	cfg.ProtocolVersion = "2.0.0"
 	f := kafkaReceiverFactory{tracesUnmarshalers: defaultTracesUnmarshalers()}
-	r, err := f.createTracesReceiver(context.Background(), component.ReceiverCreateParams{}, cfg, nil)
+	r, err := f.createTracesReceiver(context.Background(), component.ComponentSettings{}, cfg, nil)
 	// no available broker
 	require.Error(t, err)
 	assert.Nil(t, r)
@@ -53,7 +53,7 @@ func TestCreateTracesReceiver_error(t *testing.T) {
 	// disable contacting broker at startup
 	cfg.Metadata.Full = false
 	f := kafkaReceiverFactory{tracesUnmarshalers: defaultTracesUnmarshalers()}
-	r, err := f.createTracesReceiver(context.Background(), component.ReceiverCreateParams{}, cfg, nil)
+	r, err := f.createTracesReceiver(context.Background(), component.ComponentSettings{}, cfg, nil)
 	require.NoError(t, err)
 	assert.NotNil(t, r)
 }
@@ -68,13 +68,13 @@ func TestWithTracesUnmarshalers(t *testing.T) {
 
 	t.Run("custom_encoding", func(t *testing.T) {
 		cfg.Encoding = unmarshaler.Encoding()
-		receiver, err := f.CreateTracesReceiver(context.Background(), component.ReceiverCreateParams{}, cfg, nil)
+		receiver, err := f.CreateTracesReceiver(context.Background(), component.ComponentSettings{}, cfg, nil)
 		require.NoError(t, err)
 		require.NotNil(t, receiver)
 	})
 	t.Run("default_encoding", func(t *testing.T) {
 		cfg.Encoding = new(otlpTracesPbUnmarshaler).Encoding()
-		receiver, err := f.CreateTracesReceiver(context.Background(), component.ReceiverCreateParams{}, cfg, nil)
+		receiver, err := f.CreateTracesReceiver(context.Background(), component.ComponentSettings{}, cfg, nil)
 		require.NoError(t, err)
 		assert.NotNil(t, receiver)
 	})
@@ -85,7 +85,7 @@ func TestCreateLogsReceiver(t *testing.T) {
 	cfg.Brokers = []string{"invalid:9092"}
 	cfg.ProtocolVersion = "2.0.0"
 	f := kafkaReceiverFactory{logsUnmarshalers: defaultLogsUnmarshalers()}
-	r, err := f.createLogsReceiver(context.Background(), component.ReceiverCreateParams{}, cfg, nil)
+	r, err := f.createLogsReceiver(context.Background(), component.ComponentSettings{}, cfg, nil)
 	// no available broker
 	require.Error(t, err)
 	assert.Nil(t, r)
@@ -97,7 +97,7 @@ func TestCreateLogsReceiver_error(t *testing.T) {
 	// disable contacting broker at startup
 	cfg.Metadata.Full = false
 	f := kafkaReceiverFactory{logsUnmarshalers: defaultLogsUnmarshalers()}
-	r, err := f.createLogsReceiver(context.Background(), component.ReceiverCreateParams{}, cfg, nil)
+	r, err := f.createLogsReceiver(context.Background(), component.ComponentSettings{}, cfg, nil)
 	require.NoError(t, err)
 	assert.NotNil(t, r)
 }
@@ -112,13 +112,13 @@ func TestWithLogsUnmarshalers(t *testing.T) {
 
 	t.Run("custom_encoding", func(t *testing.T) {
 		cfg.Encoding = unmarshaler.Encoding()
-		exporter, err := f.CreateLogsReceiver(context.Background(), component.ReceiverCreateParams{}, cfg, nil)
+		exporter, err := f.CreateLogsReceiver(context.Background(), component.ComponentSettings{}, cfg, nil)
 		require.NoError(t, err)
 		require.NotNil(t, exporter)
 	})
 	t.Run("default_encoding", func(t *testing.T) {
 		cfg.Encoding = new(otlpLogsPbUnmarshaler).Encoding()
-		exporter, err := f.CreateLogsReceiver(context.Background(), component.ReceiverCreateParams{}, cfg, nil)
+		exporter, err := f.CreateLogsReceiver(context.Background(), component.ComponentSettings{}, cfg, nil)
 		require.NoError(t, err)
 		assert.NotNil(t, exporter)
 	})
diff --git a/receiver/kafkareceiver/kafka_receiver.go b/receiver/kafkareceiver/kafka_receiver.go
index 59a087c35e7..184cbd6367b 100644
--- a/receiver/kafkareceiver/kafka_receiver.go
+++ b/receiver/kafkareceiver/kafka_receiver.go
@@ -63,7 +63,7 @@ type kafkaLogsConsumer struct {
 var _ component.Receiver = (*kafkaTracesConsumer)(nil)
 var _ component.Receiver = (*kafkaLogsConsumer)(nil)
 
-func newTracesReceiver(config Config, params component.ReceiverCreateParams, unmarshalers map[string]TracesUnmarshaler, nextConsumer consumer.Traces) (*kafkaTracesConsumer, error) {
+func newTracesReceiver(config Config, componentSettings component.ComponentSettings, unmarshalers map[string]TracesUnmarshaler, nextConsumer consumer.Traces) (*kafkaTracesConsumer, error) {
 	unmarshaler := unmarshalers[config.Encoding]
 	if unmarshaler == nil {
 		return nil, errUnrecognizedEncoding
@@ -94,7 +94,7 @@ func newTracesReceiver(config Config, params component.ReceiverCreateParams, unm
 		topics:        []string{config.Topic},
 		nextConsumer:  nextConsumer,
 		unmarshaler:   unmarshaler,
-		logger:        params.Logger,
+		logger:        componentSettings.Logger,
 	}, nil
 }
 
@@ -134,7 +134,7 @@ func (c *kafkaTracesConsumer) Shutdown(context.Context) error {
 	return c.consumerGroup.Close()
 }
 
-func newLogsReceiver(config Config, params component.ReceiverCreateParams, unmarshalers map[string]LogsUnmarshaler, nextConsumer consumer.Logs) (*kafkaLogsConsumer, error) {
+func newLogsReceiver(config Config, componentSettings component.ComponentSettings, unmarshalers map[string]LogsUnmarshaler, nextConsumer consumer.Logs) (*kafkaLogsConsumer, error) {
 	unmarshaler := unmarshalers[config.Encoding]
 	if unmarshaler == nil {
 		return nil, errUnrecognizedEncoding
@@ -165,7 +165,7 @@ func newLogsReceiver(config Config, params component.ReceiverCreateParams, unmar
 		topics:        []string{config.Topic},
 		nextConsumer:  nextConsumer,
 		unmarshaler:   unmarshaler,
-		logger:        params.Logger,
+		logger:        componentSettings.Logger,
 	}, nil
 }
 
diff --git a/receiver/kafkareceiver/kafka_receiver_test.go b/receiver/kafkareceiver/kafka_receiver_test.go
index cc2cc88d3e4..744c042332f 100644
--- a/receiver/kafkareceiver/kafka_receiver_test.go
+++ b/receiver/kafkareceiver/kafka_receiver_test.go
@@ -43,7 +43,7 @@ func TestNewTracesReceiver_version_err(t *testing.T) {
 		Encoding:        defaultEncoding,
 		ProtocolVersion: "none",
 	}
-	r, err := newTracesReceiver(c, component.ReceiverCreateParams{}, defaultTracesUnmarshalers(), consumertest.NewNop())
+	r, err := newTracesReceiver(c, component.ComponentSettings{}, defaultTracesUnmarshalers(), consumertest.NewNop())
 	assert.Error(t, err)
 	assert.Nil(t, r)
 }
@@ -52,7 +52,7 @@ func TestNewTracesReceiver_encoding_err(t *testing.T) {
 	c := Config{
 		Encoding: "foo",
 	}
-	r, err := newTracesReceiver(c, component.ReceiverCreateParams{}, defaultTracesUnmarshalers(), consumertest.NewNop())
+	r, err := newTracesReceiver(c, component.ComponentSettings{}, defaultTracesUnmarshalers(), consumertest.NewNop())
 	require.Error(t, err)
 	assert.Nil(t, r)
 	assert.EqualError(t, err, errUnrecognizedEncoding.Error())
@@ -73,7 +73,7 @@ func TestNewTracesReceiver_err_auth_type(t *testing.T) {
 			Full: false,
 		},
 	}
-	r, err := newTracesReceiver(c, component.ReceiverCreateParams{}, defaultTracesUnmarshalers(), consumertest.NewNop())
+	r, err := newTracesReceiver(c, component.ComponentSettings{}, defaultTracesUnmarshalers(), consumertest.NewNop())
 	assert.Error(t, err)
 	assert.Contains(t, err.Error(), "failed to load TLS config")
 	assert.Nil(t, r)
@@ -225,7 +225,7 @@ func TestNewLogsReceiver_version_err(t *testing.T) {
 		Encoding:        defaultEncoding,
 		ProtocolVersion: "none",
 	}
-	r, err := newLogsReceiver(c, component.ReceiverCreateParams{}, defaultLogsUnmarshalers(), consumertest.NewNop())
+	r, err := newLogsReceiver(c, component.ComponentSettings{}, defaultLogsUnmarshalers(), consumertest.NewNop())
 	assert.Error(t, err)
 	assert.Nil(t, r)
 }
@@ -234,7 +234,7 @@ func TestNewLogsReceiver_encoding_err(t *testing.T) {
 	c := Config{
 		Encoding: "foo",
 	}
-	r, err := newLogsReceiver(c, component.ReceiverCreateParams{}, defaultLogsUnmarshalers(), consumertest.NewNop())
+	r, err := newLogsReceiver(c, component.ComponentSettings{}, defaultLogsUnmarshalers(), consumertest.NewNop())
 	require.Error(t, err)
 	assert.Nil(t, r)
 	assert.EqualError(t, err, errUnrecognizedEncoding.Error())
@@ -255,7 +255,7 @@ func TestNewLogsExporter_err_auth_type(t *testing.T) {
 			Full: false,
 		},
 	}
-	r, err := newLogsReceiver(c, component.ReceiverCreateParams{}, defaultLogsUnmarshalers(), consumertest.NewNop())
+	r, err := newLogsReceiver(c, component.ComponentSettings{}, defaultLogsUnmarshalers(), consumertest.NewNop())
 	assert.Error(t, err)
 	assert.Contains(t, err.Error(), "failed to load TLS config")
 	assert.Nil(t, r)
diff --git a/receiver/opencensusreceiver/factory.go b/receiver/opencensusreceiver/factory.go
index a8c458e904c..5a9b433ab6b 100644
--- a/receiver/opencensusreceiver/factory.go
+++ b/receiver/opencensusreceiver/factory.go
@@ -52,7 +52,7 @@ func createDefaultConfig() config.Receiver {
 
 func createTracesReceiver(
 	_ context.Context,
-	_ component.ReceiverCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Traces,
 ) (component.TracesReceiver, error) {
@@ -68,7 +68,7 @@ func createTracesReceiver(
 
 func createMetricsReceiver(
 	_ context.Context,
-	_ component.ReceiverCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Metrics,
 ) (component.MetricsReceiver, error) {
diff --git a/receiver/opencensusreceiver/factory_test.go b/receiver/opencensusreceiver/factory_test.go
index 257c8f5fc7e..d2320873e9f 100644
--- a/receiver/opencensusreceiver/factory_test.go
+++ b/receiver/opencensusreceiver/factory_test.go
@@ -43,12 +43,12 @@ func TestCreateReceiver(t *testing.T) {
 	cfg := createDefaultConfig().(*Config)
 	cfg.NetAddr.Endpoint = testutil.GetAvailableLocalAddress(t)
 
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	tReceiver, err := createTracesReceiver(context.Background(), params, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	tReceiver, err := createTracesReceiver(context.Background(), componentSettings, cfg, nil)
 	assert.NotNil(t, tReceiver)
 	assert.NoError(t, err)
 
-	mReceiver, err := createMetricsReceiver(context.Background(), params, cfg, nil)
+	mReceiver, err := createMetricsReceiver(context.Background(), componentSettings, cfg, nil)
 	assert.NotNil(t, mReceiver)
 	assert.NoError(t, err)
 }
@@ -99,10 +99,10 @@ func TestCreateTracesReceiver(t *testing.T) {
 		},
 	}
 	ctx := context.Background()
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
 	for _, tt := range tests {
 		t.Run(tt.name, func(t *testing.T) {
-			tr, err := createTracesReceiver(ctx, params, tt.cfg, consumertest.NewNop())
+			tr, err := createTracesReceiver(ctx, componentSettings, tt.cfg, consumertest.NewNop())
 			if (err != nil) != tt.wantErr {
 				t.Errorf("factory.CreateTracesReceiver() error = %v, wantErr %v", err, tt.wantErr)
 				return
@@ -168,10 +168,10 @@ func TestCreateMetricReceiver(t *testing.T) {
 			},
 		},
 	}
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
 	for _, tt := range tests {
 		t.Run(tt.name, func(t *testing.T) {
-			tc, err := createMetricsReceiver(context.Background(), params, tt.cfg, consumertest.NewNop())
+			tc, err := createMetricsReceiver(context.Background(), componentSettings, tt.cfg, consumertest.NewNop())
 			if (err != nil) != tt.wantErr {
 				t.Errorf("factory.CreateMetricsReceiver() error = %v, wantErr %v", err, tt.wantErr)
 				return
diff --git a/receiver/opencensusreceiver/ocmetrics/opencensus_test.go b/receiver/opencensusreceiver/ocmetrics/opencensus_test.go
index d2a8fd8c5f3..9dd9573503b 100644
--- a/receiver/opencensusreceiver/ocmetrics/opencensus_test.go
+++ b/receiver/opencensusreceiver/ocmetrics/opencensus_test.go
@@ -57,7 +57,7 @@ func TestReceiver_endToEnd(t *testing.T) {
 	expCfg.GRPCClientSettings.TLSSetting.Insecure = true
 	expCfg.Endpoint = addr.String()
 	expCfg.WaitForReady = true
-	oce, err := expFactory.CreateMetricsExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, expCfg)
+	oce, err := expFactory.CreateMetricsExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, expCfg)
 	require.NoError(t, err)
 	err = oce.Start(context.Background(), componenttest.NewNopHost())
 	require.NoError(t, err)
diff --git a/receiver/opencensusreceiver/octrace/opencensus_test.go b/receiver/opencensusreceiver/octrace/opencensus_test.go
index abcb769fd6c..c28a194bf4b 100644
--- a/receiver/opencensusreceiver/octrace/opencensus_test.go
+++ b/receiver/opencensusreceiver/octrace/opencensus_test.go
@@ -54,7 +54,7 @@ func TestReceiver_endToEnd(t *testing.T) {
 	expCfg.GRPCClientSettings.TLSSetting.Insecure = true
 	expCfg.Endpoint = addr.String()
 	expCfg.WaitForReady = true
-	oce, err := expFactory.CreateTracesExporter(context.Background(), component.ExporterCreateParams{Logger: zap.NewNop()}, expCfg)
+	oce, err := expFactory.CreateTracesExporter(context.Background(), component.ComponentSettings{Logger: zap.NewNop()}, expCfg)
 	require.NoError(t, err)
 	err = oce.Start(context.Background(), componenttest.NewNopHost())
 	require.NoError(t, err)
diff --git a/receiver/otlpreceiver/factory.go b/receiver/otlpreceiver/factory.go
index 7a72cb23306..e9c4a03f6cc 100644
--- a/receiver/otlpreceiver/factory.go
+++ b/receiver/otlpreceiver/factory.go
@@ -69,11 +69,11 @@ func createDefaultConfig() config.Receiver {
 // CreateTracesReceiver creates a  trace receiver based on provided config.
 func createTracesReceiver(
 	ctx context.Context,
-	params component.ReceiverCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Traces,
 ) (component.TracesReceiver, error) {
-	r := createReceiver(cfg, params.Logger)
+	r := createReceiver(cfg, componentSettings.Logger)
 
 	if err := r.registerTraceConsumer(ctx, nextConsumer); err != nil {
 		return nil, err
@@ -84,11 +84,11 @@ func createTracesReceiver(
 // CreateMetricsReceiver creates a metrics receiver based on provided config.
 func createMetricsReceiver(
 	ctx context.Context,
-	params component.ReceiverCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Receiver,
 	consumer consumer.Metrics,
 ) (component.MetricsReceiver, error) {
-	r := createReceiver(cfg, params.Logger)
+	r := createReceiver(cfg, componentSettings.Logger)
 
 	if err := r.registerMetricsConsumer(ctx, consumer); err != nil {
 		return nil, err
@@ -99,11 +99,11 @@ func createMetricsReceiver(
 // CreateLogReceiver creates a log receiver based on provided config.
 func createLogReceiver(
 	ctx context.Context,
-	params component.ReceiverCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Receiver,
 	consumer consumer.Logs,
 ) (component.LogsReceiver, error) {
-	r := createReceiver(cfg, params.Logger)
+	r := createReceiver(cfg, componentSettings.Logger)
 
 	if err := r.registerLogsConsumer(ctx, consumer); err != nil {
 		return nil, err
diff --git a/receiver/otlpreceiver/factory_test.go b/receiver/otlpreceiver/factory_test.go
index b6c1ac1c1e2..ade8c965729 100644
--- a/receiver/otlpreceiver/factory_test.go
+++ b/receiver/otlpreceiver/factory_test.go
@@ -47,12 +47,12 @@ func TestCreateReceiver(t *testing.T) {
 	cfg.GRPC.NetAddr.Endpoint = testutil.GetAvailableLocalAddress(t)
 	cfg.HTTP.Endpoint = testutil.GetAvailableLocalAddress(t)
 
-	creationParams := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	tReceiver, err := factory.CreateTracesReceiver(context.Background(), creationParams, cfg, consumertest.NewNop())
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	tReceiver, err := factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, consumertest.NewNop())
 	assert.NotNil(t, tReceiver)
 	assert.NoError(t, err)
 
-	mReceiver, err := factory.CreateMetricsReceiver(context.Background(), creationParams, cfg, consumertest.NewNop())
+	mReceiver, err := factory.CreateMetricsReceiver(context.Background(), componentSettings, cfg, consumertest.NewNop())
 	assert.NotNil(t, mReceiver)
 	assert.NoError(t, err)
 }
@@ -115,11 +115,11 @@ func TestCreateTracesReceiver(t *testing.T) {
 		},
 	}
 	ctx := context.Background()
-	creationParams := component.ReceiverCreateParams{Logger: zap.NewNop()}
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
 	for _, tt := range tests {
 		t.Run(tt.name, func(t *testing.T) {
 			sink := new(consumertest.TracesSink)
-			tr, err := factory.CreateTracesReceiver(ctx, creationParams, tt.cfg, sink)
+			tr, err := factory.CreateTracesReceiver(ctx, componentSettings, tt.cfg, sink)
 			assert.NoError(t, err)
 			require.NotNil(t, tr)
 			if tt.wantErr {
@@ -190,11 +190,11 @@ func TestCreateMetricReceiver(t *testing.T) {
 		},
 	}
 	ctx := context.Background()
-	creationParams := component.ReceiverCreateParams{Logger: zap.NewNop()}
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
 	for _, tt := range tests {
 		t.Run(tt.name, func(t *testing.T) {
 			sink := new(consumertest.MetricsSink)
-			mr, err := factory.CreateMetricsReceiver(ctx, creationParams, tt.cfg, sink)
+			mr, err := factory.CreateMetricsReceiver(ctx, componentSettings, tt.cfg, sink)
 			assert.NoError(t, err)
 			require.NotNil(t, mr)
 			if tt.wantErr {
@@ -293,10 +293,10 @@ func TestCreateLogReceiver(t *testing.T) {
 		},
 	}
 	ctx := context.Background()
-	creationParams := component.ReceiverCreateParams{Logger: zap.NewNop()}
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
 	for _, tt := range tests {
 		t.Run(tt.name, func(t *testing.T) {
-			mr, err := factory.CreateLogsReceiver(ctx, creationParams, tt.cfg, tt.sink)
+			mr, err := factory.CreateLogsReceiver(ctx, componentSettings, tt.cfg, tt.sink)
 			if tt.wantErr {
 				assert.Error(t, err)
 				return
diff --git a/receiver/otlpreceiver/otlp_test.go b/receiver/otlpreceiver/otlp_test.go
index 56ab482931c..b61db9b2d1b 100644
--- a/receiver/otlpreceiver/otlp_test.go
+++ b/receiver/otlpreceiver/otlp_test.go
@@ -732,13 +732,13 @@ func newHTTPReceiver(t *testing.T, endpoint string, tc consumer.Traces, mc consu
 func newReceiver(t *testing.T, factory component.ReceiverFactory, cfg *Config, tc consumer.Traces, mc consumer.Metrics) *otlpReceiver {
 	r := createReceiver(cfg, zap.NewNop())
 	if tc != nil {
-		params := component.ReceiverCreateParams{}
-		_, err := factory.CreateTracesReceiver(context.Background(), params, cfg, tc)
+		componentSettingsTraces := component.ComponentSettings{}
+		_, err := factory.CreateTracesReceiver(context.Background(), componentSettingsTraces, cfg, tc)
 		require.NoError(t, err)
 	}
 	if mc != nil {
-		params := component.ReceiverCreateParams{}
-		_, err := factory.CreateMetricsReceiver(context.Background(), params, cfg, mc)
+		componentSettingsMetrics := component.ComponentSettings{}
+		_, err := factory.CreateMetricsReceiver(context.Background(), componentSettingsMetrics, cfg, mc)
 		require.NoError(t, err)
 	}
 	return r
diff --git a/receiver/prometheusreceiver/factory.go b/receiver/prometheusreceiver/factory.go
index 55fd711126b..a888be2dbce 100644
--- a/receiver/prometheusreceiver/factory.go
+++ b/receiver/prometheusreceiver/factory.go
@@ -52,9 +52,9 @@ func createDefaultConfig() config.Receiver {
 
 func createMetricsReceiver(
 	_ context.Context,
-	params component.ReceiverCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Metrics,
 ) (component.MetricsReceiver, error) {
-	return newPrometheusReceiver(params.Logger, cfg.(*Config), nextConsumer), nil
+	return newPrometheusReceiver(componentSettings.Logger, cfg.(*Config), nextConsumer), nil
 }
diff --git a/receiver/prometheusreceiver/factory_test.go b/receiver/prometheusreceiver/factory_test.go
index a167afeb004..1d5ded4d0f0 100644
--- a/receiver/prometheusreceiver/factory_test.go
+++ b/receiver/prometheusreceiver/factory_test.go
@@ -39,8 +39,8 @@ func TestCreateReceiver(t *testing.T) {
 
 	// The default config does not provide scrape_config so we expect that metrics receiver
 	// creation must also fail.
-	creationParams := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	mReceiver, _ := createMetricsReceiver(context.Background(), creationParams, cfg, nil)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	mReceiver, _ := createMetricsReceiver(context.Background(), componentSettings, cfg, nil)
 	assert.NotNil(t, mReceiver)
 }
 
diff --git a/receiver/receiverhelper/factory.go b/receiver/receiverhelper/factory.go
index 67e59fcaf70..8936dd666fd 100644
--- a/receiver/receiverhelper/factory.go
+++ b/receiver/receiverhelper/factory.go
@@ -51,13 +51,13 @@ func WithLogs(createLogsReceiver CreateLogsReceiver) FactoryOption {
 type CreateDefaultConfig func() config.Receiver
 
 // CreateTracesReceiver is the equivalent of component.ReceiverFactory.CreateTracesReceiver()
-type CreateTracesReceiver func(context.Context, component.ReceiverCreateParams, config.Receiver, consumer.Traces) (component.TracesReceiver, error)
+type CreateTracesReceiver func(context.Context, component.ComponentSettings, config.Receiver, consumer.Traces) (component.TracesReceiver, error)
 
 // CreateMetricsReceiver is the equivalent of component.ReceiverFactory.CreateMetricsReceiver()
-type CreateMetricsReceiver func(context.Context, component.ReceiverCreateParams, config.Receiver, consumer.Metrics) (component.MetricsReceiver, error)
+type CreateMetricsReceiver func(context.Context, component.ComponentSettings, config.Receiver, consumer.Metrics) (component.MetricsReceiver, error)
 
 // CreateLogsReceiver is the equivalent of component.ReceiverFactory.CreateLogsReceiver()
-type CreateLogsReceiver func(context.Context, component.ReceiverCreateParams, config.Receiver, consumer.Logs) (component.LogsReceiver, error)
+type CreateLogsReceiver func(context.Context, component.ComponentSettings, config.Receiver, consumer.Logs) (component.LogsReceiver, error)
 
 type factory struct {
 	cfgType               config.Type
@@ -95,11 +95,11 @@ func (f *factory) CreateDefaultConfig() config.Receiver {
 // CreateTracesReceiver creates a component.TracesReceiver based on this config.
 func (f *factory) CreateTracesReceiver(
 	ctx context.Context,
-	params component.ReceiverCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Traces) (component.TracesReceiver, error) {
 	if f.createTracesReceiver != nil {
-		return f.createTracesReceiver(ctx, params, cfg, nextConsumer)
+		return f.createTracesReceiver(ctx, componentSettings, cfg, nextConsumer)
 	}
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
@@ -107,11 +107,11 @@ func (f *factory) CreateTracesReceiver(
 // CreateMetricsReceiver creates a component.MetricsReceiver based on this config.
 func (f *factory) CreateMetricsReceiver(
 	ctx context.Context,
-	params component.ReceiverCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Metrics) (component.MetricsReceiver, error) {
 	if f.createMetricsReceiver != nil {
-		return f.createMetricsReceiver(ctx, params, cfg, nextConsumer)
+		return f.createMetricsReceiver(ctx, componentSettings, cfg, nextConsumer)
 	}
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
@@ -119,12 +119,12 @@ func (f *factory) CreateMetricsReceiver(
 // CreateLogsReceiver creates a metrics processor based on this config.
 func (f *factory) CreateLogsReceiver(
 	ctx context.Context,
-	params component.ReceiverCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Logs,
 ) (component.LogsReceiver, error) {
 	if f.createLogsReceiver != nil {
-		return f.createLogsReceiver(ctx, params, cfg, nextConsumer)
+		return f.createLogsReceiver(ctx, componentSettings, cfg, nextConsumer)
 	}
 	return nil, componenterror.ErrDataTypeIsNotSupported
 }
diff --git a/receiver/receiverhelper/factory_test.go b/receiver/receiverhelper/factory_test.go
index 48a4f25c637..ccc9a342eac 100644
--- a/receiver/receiverhelper/factory_test.go
+++ b/receiver/receiverhelper/factory_test.go
@@ -35,11 +35,11 @@ func TestNewFactory(t *testing.T) {
 		defaultConfig)
 	assert.EqualValues(t, typeStr, factory.Type())
 	assert.EqualValues(t, &defaultCfg, factory.CreateDefaultConfig())
-	_, err := factory.CreateTracesReceiver(context.Background(), component.ReceiverCreateParams{}, factory.CreateDefaultConfig(), nil)
+	_, err := factory.CreateTracesReceiver(context.Background(), component.ComponentSettings{}, factory.CreateDefaultConfig(), nil)
 	assert.Error(t, err)
-	_, err = factory.CreateMetricsReceiver(context.Background(), component.ReceiverCreateParams{}, factory.CreateDefaultConfig(), nil)
+	_, err = factory.CreateMetricsReceiver(context.Background(), component.ComponentSettings{}, factory.CreateDefaultConfig(), nil)
 	assert.Error(t, err)
-	_, err = factory.CreateLogsReceiver(context.Background(), component.ReceiverCreateParams{}, factory.CreateDefaultConfig(), nil)
+	_, err = factory.CreateLogsReceiver(context.Background(), component.ComponentSettings{}, factory.CreateDefaultConfig(), nil)
 	assert.Error(t, err)
 }
 
@@ -53,13 +53,13 @@ func TestNewFactory_WithConstructors(t *testing.T) {
 	assert.EqualValues(t, typeStr, factory.Type())
 	assert.EqualValues(t, &defaultCfg, factory.CreateDefaultConfig())
 
-	_, err := factory.CreateTracesReceiver(context.Background(), component.ReceiverCreateParams{}, factory.CreateDefaultConfig(), nil)
+	_, err := factory.CreateTracesReceiver(context.Background(), component.ComponentSettings{}, factory.CreateDefaultConfig(), nil)
 	assert.NoError(t, err)
 
-	_, err = factory.CreateMetricsReceiver(context.Background(), component.ReceiverCreateParams{}, factory.CreateDefaultConfig(), nil)
+	_, err = factory.CreateMetricsReceiver(context.Background(), component.ComponentSettings{}, factory.CreateDefaultConfig(), nil)
 	assert.NoError(t, err)
 
-	_, err = factory.CreateLogsReceiver(context.Background(), component.ReceiverCreateParams{}, factory.CreateDefaultConfig(), nil)
+	_, err = factory.CreateLogsReceiver(context.Background(), component.ComponentSettings{}, factory.CreateDefaultConfig(), nil)
 	assert.NoError(t, err)
 }
 
@@ -67,14 +67,14 @@ func defaultConfig() config.Receiver {
 	return &defaultCfg
 }
 
-func createTracesReceiver(context.Context, component.ReceiverCreateParams, config.Receiver, consumer.Traces) (component.TracesReceiver, error) {
+func createTracesReceiver(context.Context, component.ComponentSettings, config.Receiver, consumer.Traces) (component.TracesReceiver, error) {
 	return nil, nil
 }
 
-func createMetricsReceiver(context.Context, component.ReceiverCreateParams, config.Receiver, consumer.Metrics) (component.MetricsReceiver, error) {
+func createMetricsReceiver(context.Context, component.ComponentSettings, config.Receiver, consumer.Metrics) (component.MetricsReceiver, error) {
 	return nil, nil
 }
 
-func createLogsReceiver(context.Context, component.ReceiverCreateParams, config.Receiver, consumer.Logs) (component.LogsReceiver, error) {
+func createLogsReceiver(context.Context, component.ComponentSettings, config.Receiver, consumer.Logs) (component.LogsReceiver, error) {
 	return nil, nil
 }
diff --git a/receiver/zipkinreceiver/factory.go b/receiver/zipkinreceiver/factory.go
index c4e1ca9119c..073a99babca 100644
--- a/receiver/zipkinreceiver/factory.go
+++ b/receiver/zipkinreceiver/factory.go
@@ -55,7 +55,7 @@ func createDefaultConfig() config.Receiver {
 // createTracesReceiver creates a trace receiver based on provided config.
 func createTracesReceiver(
 	_ context.Context,
-	_ component.ReceiverCreateParams,
+	_ component.ComponentSettings,
 	cfg config.Receiver,
 	nextConsumer consumer.Traces,
 ) (component.TracesReceiver, error) {
diff --git a/receiver/zipkinreceiver/factory_test.go b/receiver/zipkinreceiver/factory_test.go
index 4fe150d7344..c472c790c69 100644
--- a/receiver/zipkinreceiver/factory_test.go
+++ b/receiver/zipkinreceiver/factory_test.go
@@ -37,7 +37,7 @@ func TestCreateReceiver(t *testing.T) {
 
 	tReceiver, err := createTracesReceiver(
 		context.Background(),
-		component.ReceiverCreateParams{Logger: zap.NewNop()},
+		component.ComponentSettings{Logger: zap.NewNop()},
 		cfg,
 		consumertest.NewNop())
 	assert.NoError(t, err, "receiver creation failed")
@@ -45,7 +45,7 @@ func TestCreateReceiver(t *testing.T) {
 
 	tReceiver, err = createTracesReceiver(
 		context.Background(),
-		component.ReceiverCreateParams{Logger: zap.NewNop()},
+		component.ComponentSettings{Logger: zap.NewNop()},
 		cfg,
 		consumertest.NewNop())
 	assert.NoError(t, err, "receiver creation failed")
diff --git a/receiver/zipkinreceiver/trace_receiver_test.go b/receiver/zipkinreceiver/trace_receiver_test.go
index 8d21a32739f..6b85ccd3be1 100644
--- a/receiver/zipkinreceiver/trace_receiver_test.go
+++ b/receiver/zipkinreceiver/trace_receiver_test.go
@@ -224,8 +224,8 @@ func TestConversionRoundtrip(t *testing.T) {
 	factory := zipkinexporter.NewFactory()
 	config := factory.CreateDefaultConfig().(*zipkinexporter.Config)
 	config.Endpoint = backend.URL
-	params := component.ExporterCreateParams{Logger: zap.NewNop()}
-	ze, err := factory.CreateTracesExporter(context.Background(), params, config)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	ze, err := factory.CreateTracesExporter(context.Background(), componentSettings, config)
 	require.NoError(t, err)
 	require.NotNil(t, ze)
 	require.NoError(t, ze.Start(context.Background(), componenttest.NewNopHost()))
diff --git a/service/application.go b/service/application.go
index 1766d4621f5..d070863ef1e 100644
--- a/service/application.go
+++ b/service/application.go
@@ -79,39 +79,24 @@ type Application struct {
 	asyncErrorChannel chan error
 }
 
-// Parameters holds configuration for creating a new Application.
-type Parameters struct {
-	// Factories component factories.
-	Factories component.Factories
-	// BuildInfo provides application start information.
-	BuildInfo component.BuildInfo
-	// ParserProvider provides the configuration's Parser.
-	// If it is not provided a default provider is used. The default provider loads the configuration
-	// from a config file define by the --config command line flag and overrides component's configuration
-	// properties supplied via --set command line flag.
-	ParserProvider parserprovider.ParserProvider
-	// LoggingOptions provides a way to change behavior of zap logging.
-	LoggingOptions []zap.Option
-}
-
 // New creates and returns a new instance of Application.
-func New(params Parameters) (*Application, error) {
-	if err := configcheck.ValidateConfigFromFactories(params.Factories); err != nil {
+func New(set Settings) (*Application, error) {
+	if err := configcheck.ValidateConfigFromFactories(set.Factories); err != nil {
 		return nil, err
 	}
 
 	app := &Application{
-		info:         params.BuildInfo,
-		factories:    params.Factories,
+		info:         set.ComponentSettings.BuildInfo,
+		factories:    set.Factories,
 		stateChannel: make(chan State, Closed+1),
 	}
 
 	rootCmd := &cobra.Command{
-		Use:     params.BuildInfo.Command,
-		Version: params.BuildInfo.Version,
+		Use:     set.ComponentSettings.BuildInfo.Command,
+		Version: set.ComponentSettings.BuildInfo.Version,
 		RunE: func(cmd *cobra.Command, args []string) error {
 			var err error
-			if app.logger, err = newLogger(params.LoggingOptions); err != nil {
+			if app.logger, err = newLogger(set.LoggingOptions); err != nil {
 				return fmt.Errorf("failed to get logger: %w", err)
 			}
 
@@ -138,7 +123,7 @@ func New(params Parameters) (*Application, error) {
 	rootCmd.Flags().AddGoFlagSet(flagSet)
 	app.rootCmd = rootCmd
 
-	parserProvider := params.ParserProvider
+	parserProvider := set.ParserProvider
 	if parserProvider == nil {
 		// use default provider.
 		parserProvider = parserprovider.Default()
@@ -238,12 +223,15 @@ func (app *Application) setupConfigurationComponents(ctx context.Context) error
 	}
 
 	app.logger.Info("Applying configuration...")
+	componentSettings := component.ComponentSettings{
+		BuildInfo: app.info,
+		Logger:    app.logger,
+	}
 
-	service, err := newService(&settings{
+	service, err := newService(&Settings{
 		Factories:         app.factories,
-		BuildInfo:         app.info,
+		ComponentSettings: componentSettings,
 		Config:            cfg,
-		Logger:            app.logger,
 		AsyncErrorChannel: app.asyncErrorChannel,
 	})
 	if err != nil {
diff --git a/service/application_test.go b/service/application_test.go
index 40a2f60f59a..7e7f087735b 100644
--- a/service/application_test.go
+++ b/service/application_test.go
@@ -51,7 +51,11 @@ func TestApplication_Start(t *testing.T) {
 		return nil
 	}
 
-	app, err := New(Parameters{Factories: factories, BuildInfo: component.DefaultBuildInfo(), LoggingOptions: []zap.Option{zap.Hooks(hook)}})
+	componentSettings := component.ComponentSettings{
+		BuildInfo: component.DefaultBuildInfo(),
+	}
+
+	app, err := New(Settings{Factories: factories, ComponentSettings: componentSettings, LoggingOptions: []zap.Option{zap.Hooks(hook)}})
 	require.NoError(t, err)
 	assert.Equal(t, app.rootCmd, app.Command())
 
@@ -119,7 +123,11 @@ func TestApplication_ReportError(t *testing.T) {
 	factories, err := defaultcomponents.Components()
 	require.NoError(t, err)
 
-	app, err := New(Parameters{Factories: factories, BuildInfo: component.DefaultBuildInfo()})
+	componentSettings := component.ComponentSettings{
+		BuildInfo: component.DefaultBuildInfo(),
+	}
+
+	app, err := New(Settings{Factories: factories, ComponentSettings: componentSettings})
 	require.NoError(t, err)
 
 	app.rootCmd.SetArgs([]string{"--config=testdata/otelcol-config-minimal.yaml"})
@@ -142,12 +150,16 @@ func TestApplication_StartAsGoRoutine(t *testing.T) {
 	factories, err := defaultcomponents.Components()
 	require.NoError(t, err)
 
-	params := Parameters{
-		BuildInfo:      component.DefaultBuildInfo(),
-		ParserProvider: new(minimalParserLoader),
-		Factories:      factories,
+	componentSettings := component.ComponentSettings{
+		BuildInfo: component.DefaultBuildInfo(),
+	}
+
+	appSettings := Settings{
+		ComponentSettings: componentSettings,
+		ParserProvider:    new(minimalParserLoader),
+		Factories:         factories,
 	}
-	app, err := New(params)
+	app, err := New(appSettings)
 	require.NoError(t, err)
 
 	appDone := make(chan struct{})
diff --git a/service/application_windows.go b/service/application_windows.go
index df5018c65db..e54e3eb4d17 100644
--- a/service/application_windows.go
+++ b/service/application_windows.go
@@ -27,12 +27,12 @@ import (
 )
 
 type WindowsService struct {
-	params Parameters
-	app    *Application
+	settings Settings
+	app      *Application
 }
 
-func NewWindowsService(params Parameters) *WindowsService {
-	return &WindowsService{params: params}
+func NewWindowsService(settings Settings) *WindowsService {
+	return &WindowsService{settings: settings}
 }
 
 // Execute implements https://godoc.org/golang.org/x/sys/windows/svc#Handler
@@ -81,7 +81,7 @@ func (s *WindowsService) Execute(args []string, requests <-chan svc.ChangeReques
 
 func (s *WindowsService) start(elog *eventlog.Log, appErrorChannel chan error) error {
 	var err error
-	s.app, err = newWithEventViewerLoggingHook(s.params, elog)
+	s.app, err = newWithEventViewerLoggingHook(s.settings, elog)
 	if err != nil {
 		return err
 	}
@@ -120,9 +120,9 @@ func openEventLog(serviceName string) (*eventlog.Log, error) {
 	return elog, nil
 }
 
-func newWithEventViewerLoggingHook(params Parameters, elog *eventlog.Log) (*Application, error) {
-	params.LoggingOptions = append(
-		params.LoggingOptions,
+func newWithEventViewerLoggingHook(settings Settings, elog *eventlog.Log) (*Application, error) {
+	settings.LoggingOptions = append(
+		settings.LoggingOptions,
 		zap.Hooks(func(entry zapcore.Entry) error {
 			msg := fmt.Sprintf("%v\r\n\r\nStack Trace:\r\n%v", entry.Message, entry.Stack)
 
@@ -143,5 +143,5 @@ func newWithEventViewerLoggingHook(params Parameters, elog *eventlog.Log) (*Appl
 		}),
 	)
 
-	return New(params)
+	return New(settings)
 }
diff --git a/service/defaultcomponents/default_exporters_test.go b/service/defaultcomponents/default_exporters_test.go
index bc72e714d03..3687cf74481 100644
--- a/service/defaultcomponents/default_exporters_test.go
+++ b/service/defaultcomponents/default_exporters_test.go
@@ -163,7 +163,7 @@ type getExporterConfigFn func() config.Exporter
 func verifyExporterLifecycle(t *testing.T, factory component.ExporterFactory, getConfigFn getExporterConfigFn) {
 	ctx := context.Background()
 	host := newAssertNoErrorHost(t)
-	expCreateParams := component.ExporterCreateParams{
+	componentSettings := component.ComponentSettings{
 		Logger:    zap.NewNop(),
 		BuildInfo: component.DefaultBuildInfo(),
 	}
@@ -179,7 +179,7 @@ func verifyExporterLifecycle(t *testing.T, factory component.ExporterFactory, ge
 	}
 
 	for _, createFn := range createFns {
-		firstExp, err := createFn(ctx, expCreateParams, getConfigFn())
+		firstExp, err := createFn(ctx, componentSettings, getConfigFn())
 		if errors.Is(err, componenterror.ErrDataTypeIsNotSupported) {
 			continue
 		}
@@ -187,7 +187,7 @@ func verifyExporterLifecycle(t *testing.T, factory component.ExporterFactory, ge
 		require.NoError(t, firstExp.Start(ctx, host))
 		require.NoError(t, firstExp.Shutdown(ctx))
 
-		secondExp, err := createFn(ctx, expCreateParams, getConfigFn())
+		secondExp, err := createFn(ctx, componentSettings, getConfigFn())
 		require.NoError(t, err)
 		require.NoError(t, secondExp.Start(ctx, host))
 		require.NoError(t, secondExp.Shutdown(ctx))
@@ -196,24 +196,24 @@ func verifyExporterLifecycle(t *testing.T, factory component.ExporterFactory, ge
 
 type createExporterFn func(
 	ctx context.Context,
-	params component.ExporterCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Exporter,
 ) (component.Exporter, error)
 
 func wrapCreateLogsExp(factory component.ExporterFactory) createExporterFn {
-	return func(ctx context.Context, params component.ExporterCreateParams, cfg config.Exporter) (component.Exporter, error) {
-		return factory.CreateLogsExporter(ctx, params, cfg)
+	return func(ctx context.Context, componentSettings component.ComponentSettings, cfg config.Exporter) (component.Exporter, error) {
+		return factory.CreateLogsExporter(ctx, componentSettings, cfg)
 	}
 }
 
 func wrapCreateTracesExp(factory component.ExporterFactory) createExporterFn {
-	return func(ctx context.Context, params component.ExporterCreateParams, cfg config.Exporter) (component.Exporter, error) {
-		return factory.CreateTracesExporter(ctx, params, cfg)
+	return func(ctx context.Context, componentSettings component.ComponentSettings, cfg config.Exporter) (component.Exporter, error) {
+		return factory.CreateTracesExporter(ctx, componentSettings, cfg)
 	}
 }
 
 func wrapCreateMetricsExp(factory component.ExporterFactory) createExporterFn {
-	return func(ctx context.Context, params component.ExporterCreateParams, cfg config.Exporter) (component.Exporter, error) {
-		return factory.CreateMetricsExporter(ctx, params, cfg)
+	return func(ctx context.Context, componentSettings component.ComponentSettings, cfg config.Exporter) (component.Exporter, error) {
+		return factory.CreateMetricsExporter(ctx, componentSettings, cfg)
 	}
 }
diff --git a/service/defaultcomponents/default_extensions_test.go b/service/defaultcomponents/default_extensions_test.go
index a8b5d64a265..dccddbec797 100644
--- a/service/defaultcomponents/default_extensions_test.go
+++ b/service/defaultcomponents/default_extensions_test.go
@@ -95,7 +95,7 @@ type getExtensionConfigFn func() config.Extension
 func verifyExtensionLifecycle(t *testing.T, factory component.ExtensionFactory, getConfigFn getExtensionConfigFn) {
 	ctx := context.Background()
 	host := newAssertNoErrorHost(t)
-	extCreateParams := component.ExtensionCreateParams{
+	componentSettings := component.ComponentSettings{
 		Logger:    zap.NewNop(),
 		BuildInfo: component.DefaultBuildInfo(),
 	}
@@ -104,12 +104,12 @@ func verifyExtensionLifecycle(t *testing.T, factory component.ExtensionFactory,
 		getConfigFn = factory.CreateDefaultConfig
 	}
 
-	firstExt, err := factory.CreateExtension(ctx, extCreateParams, getConfigFn())
+	firstExt, err := factory.CreateExtension(ctx, componentSettings, getConfigFn())
 	require.NoError(t, err)
 	require.NoError(t, firstExt.Start(ctx, host))
 	require.NoError(t, firstExt.Shutdown(ctx))
 
-	secondExt, err := factory.CreateExtension(ctx, extCreateParams, getConfigFn())
+	secondExt, err := factory.CreateExtension(ctx, componentSettings, getConfigFn())
 	require.NoError(t, err)
 	require.NoError(t, secondExt.Start(ctx, host))
 	require.NoError(t, secondExt.Shutdown(ctx))
diff --git a/service/defaultcomponents/default_processors_test.go b/service/defaultcomponents/default_processors_test.go
index abdc8319ffe..a4a425ce020 100644
--- a/service/defaultcomponents/default_processors_test.go
+++ b/service/defaultcomponents/default_processors_test.go
@@ -117,7 +117,7 @@ type getProcessorConfigFn func() config.Processor
 func verifyProcessorLifecycle(t *testing.T, factory component.ProcessorFactory, getConfigFn getProcessorConfigFn) {
 	ctx := context.Background()
 	host := newAssertNoErrorHost(t)
-	processorCreateParams := component.ProcessorCreateParams{
+	componentSettings := component.ComponentSettings{
 		Logger:    zap.NewNop(),
 		BuildInfo: component.DefaultBuildInfo(),
 	}
@@ -133,7 +133,7 @@ func verifyProcessorLifecycle(t *testing.T, factory component.ProcessorFactory,
 	}
 
 	for _, createFn := range createFns {
-		firstExp, err := createFn(ctx, processorCreateParams, getConfigFn())
+		firstExp, err := createFn(ctx, componentSettings, getConfigFn())
 		if errors.Is(err, componenterror.ErrDataTypeIsNotSupported) {
 			continue
 		}
@@ -141,7 +141,7 @@ func verifyProcessorLifecycle(t *testing.T, factory component.ProcessorFactory,
 		require.NoError(t, firstExp.Start(ctx, host))
 		require.NoError(t, firstExp.Shutdown(ctx))
 
-		secondExp, err := createFn(ctx, processorCreateParams, getConfigFn())
+		secondExp, err := createFn(ctx, componentSettings, getConfigFn())
 		require.NoError(t, err)
 		require.NoError(t, secondExp.Start(ctx, host))
 		require.NoError(t, secondExp.Shutdown(ctx))
@@ -150,24 +150,24 @@ func verifyProcessorLifecycle(t *testing.T, factory component.ProcessorFactory,
 
 type createProcessorFn func(
 	ctx context.Context,
-	params component.ProcessorCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Processor,
 ) (component.Processor, error)
 
 func wrapCreateLogsProc(factory component.ProcessorFactory) createProcessorFn {
-	return func(ctx context.Context, params component.ProcessorCreateParams, cfg config.Processor) (component.Processor, error) {
-		return factory.CreateLogsProcessor(ctx, params, cfg, consumertest.NewNop())
+	return func(ctx context.Context, componentSettings component.ComponentSettings, cfg config.Processor) (component.Processor, error) {
+		return factory.CreateLogsProcessor(ctx, componentSettings, cfg, consumertest.NewNop())
 	}
 }
 
 func wrapCreateMetricsProc(factory component.ProcessorFactory) createProcessorFn {
-	return func(ctx context.Context, params component.ProcessorCreateParams, cfg config.Processor) (component.Processor, error) {
-		return factory.CreateMetricsProcessor(ctx, params, cfg, consumertest.NewNop())
+	return func(ctx context.Context, componentSettings component.ComponentSettings, cfg config.Processor) (component.Processor, error) {
+		return factory.CreateMetricsProcessor(ctx, componentSettings, cfg, consumertest.NewNop())
 	}
 }
 
 func wrapCreateTracesProc(factory component.ProcessorFactory) createProcessorFn {
-	return func(ctx context.Context, params component.ProcessorCreateParams, cfg config.Processor) (component.Processor, error) {
-		return factory.CreateTracesProcessor(ctx, params, cfg, consumertest.NewNop())
+	return func(ctx context.Context, componentSettings component.ComponentSettings, cfg config.Processor) (component.Processor, error) {
+		return factory.CreateTracesProcessor(ctx, componentSettings, cfg, consumertest.NewNop())
 	}
 }
diff --git a/service/defaultcomponents/default_receivers_test.go b/service/defaultcomponents/default_receivers_test.go
index 6be71010841..6ab3e4b1098 100644
--- a/service/defaultcomponents/default_receivers_test.go
+++ b/service/defaultcomponents/default_receivers_test.go
@@ -105,7 +105,7 @@ type getReceiverConfigFn func() config.Receiver
 func verifyReceiverLifecycle(t *testing.T, factory component.ReceiverFactory, getConfigFn getReceiverConfigFn) {
 	ctx := context.Background()
 	host := newAssertNoErrorHost(t)
-	receiverCreateParams := component.ReceiverCreateParams{
+	componentSettings := component.ComponentSettings{
 		Logger:    zap.NewNop(),
 		BuildInfo: component.DefaultBuildInfo(),
 	}
@@ -121,7 +121,7 @@ func verifyReceiverLifecycle(t *testing.T, factory component.ReceiverFactory, ge
 	}
 
 	for _, createFn := range createFns {
-		firstRcvr, err := createFn(ctx, receiverCreateParams, getConfigFn())
+		firstRcvr, err := createFn(ctx, componentSettings, getConfigFn())
 		if errors.Is(err, componenterror.ErrDataTypeIsNotSupported) {
 			continue
 		}
@@ -129,7 +129,7 @@ func verifyReceiverLifecycle(t *testing.T, factory component.ReceiverFactory, ge
 		require.NoError(t, firstRcvr.Start(ctx, host))
 		require.NoError(t, firstRcvr.Shutdown(ctx))
 
-		secondRcvr, err := createFn(ctx, receiverCreateParams, getConfigFn())
+		secondRcvr, err := createFn(ctx, componentSettings, getConfigFn())
 		require.NoError(t, err)
 		require.NoError(t, secondRcvr.Start(ctx, host))
 		require.NoError(t, secondRcvr.Shutdown(ctx))
@@ -139,24 +139,24 @@ func verifyReceiverLifecycle(t *testing.T, factory component.ReceiverFactory, ge
 // assertNoErrorHost implements a component.Host that asserts that there were no errors.
 type createReceiverFn func(
 	ctx context.Context,
-	params component.ReceiverCreateParams,
+	componentSettings component.ComponentSettings,
 	cfg config.Receiver,
 ) (component.Receiver, error)
 
 func wrapCreateLogsRcvr(factory component.ReceiverFactory) createReceiverFn {
-	return func(ctx context.Context, params component.ReceiverCreateParams, cfg config.Receiver) (component.Receiver, error) {
-		return factory.CreateLogsReceiver(ctx, params, cfg, consumertest.NewNop())
+	return func(ctx context.Context, componentSettings component.ComponentSettings, cfg config.Receiver) (component.Receiver, error) {
+		return factory.CreateLogsReceiver(ctx, componentSettings, cfg, consumertest.NewNop())
 	}
 }
 
 func wrapCreateMetricsRcvr(factory component.ReceiverFactory) createReceiverFn {
-	return func(ctx context.Context, params component.ReceiverCreateParams, cfg config.Receiver) (component.Receiver, error) {
-		return factory.CreateMetricsReceiver(ctx, params, cfg, consumertest.NewNop())
+	return func(ctx context.Context, componentSettings component.ComponentSettings, cfg config.Receiver) (component.Receiver, error) {
+		return factory.CreateMetricsReceiver(ctx, componentSettings, cfg, consumertest.NewNop())
 	}
 }
 
 func wrapCreateTracesRcvr(factory component.ReceiverFactory) createReceiverFn {
-	return func(ctx context.Context, params component.ReceiverCreateParams, cfg config.Receiver) (component.Receiver, error) {
-		return factory.CreateTracesReceiver(ctx, params, cfg, consumertest.NewNop())
+	return func(ctx context.Context, componentSettings component.ComponentSettings, cfg config.Receiver) (component.Receiver, error) {
+		return factory.CreateTracesReceiver(ctx, componentSettings, cfg, consumertest.NewNop())
 	}
 }
diff --git a/service/internal/builder/exporters_builder.go b/service/internal/builder/exporters_builder.go
index cd122374943..ba1d44824f9 100644
--- a/service/internal/builder/exporters_builder.go
+++ b/service/internal/builder/exporters_builder.go
@@ -232,7 +232,7 @@ func (eb *exportersBuilder) buildExporter(
 		return exporter, nil
 	}
 
-	creationParams := component.ExporterCreateParams{
+	creationSettings := component.ComponentSettings{
 		Logger:    logger,
 		BuildInfo: buildInfo,
 	}
@@ -242,13 +242,13 @@ func (eb *exportersBuilder) buildExporter(
 	for dataType, requirement := range inputDataTypes {
 		switch dataType {
 		case config.TracesDataType:
-			createdExporter, err = factory.CreateTracesExporter(ctx, creationParams, cfg)
+			createdExporter, err = factory.CreateTracesExporter(ctx, creationSettings, cfg)
 
 		case config.MetricsDataType:
-			createdExporter, err = factory.CreateMetricsExporter(ctx, creationParams, cfg)
+			createdExporter, err = factory.CreateMetricsExporter(ctx, creationSettings, cfg)
 
 		case config.LogsDataType:
-			createdExporter, err = factory.CreateLogsExporter(ctx, creationParams, cfg)
+			createdExporter, err = factory.CreateLogsExporter(ctx, creationSettings, cfg)
 
 		default:
 			// Could not create because this exporter does not support this data type.
diff --git a/service/internal/builder/extensions_builder.go b/service/internal/builder/extensions_builder.go
index 54ee4ecc3f8..b5b4c47f4a7 100644
--- a/service/internal/builder/extensions_builder.go
+++ b/service/internal/builder/extensions_builder.go
@@ -156,12 +156,12 @@ func (eb *extensionsBuilder) buildExtension(logger *zap.Logger, buildInfo compon
 		logger: logger,
 	}
 
-	creationParams := component.ExtensionCreateParams{
+	creationSettings := component.ComponentSettings{
 		Logger:    logger,
 		BuildInfo: buildInfo,
 	}
 
-	ex, err := factory.CreateExtension(context.Background(), creationParams, cfg)
+	ex, err := factory.CreateExtension(context.Background(), creationSettings, cfg)
 	if err != nil {
 		return nil, fmt.Errorf("failed to create extension %v: %w", cfg.ID(), err)
 	}
diff --git a/service/internal/builder/extensions_builder_test.go b/service/internal/builder/extensions_builder_test.go
index b4985620133..d4279dd31fd 100644
--- a/service/internal/builder/extensions_builder_test.go
+++ b/service/internal/builder/extensions_builder_test.go
@@ -34,7 +34,7 @@ func TestService_setupExtensions(t *testing.T) {
 			cfg := config.NewExtensionSettings(config.NewID("err"))
 			return &cfg
 		},
-		func(ctx context.Context, params component.ExtensionCreateParams, extension config.Extension) (component.Extension, error) {
+		func(ctx context.Context, componentSettings component.ComponentSettings, extension config.Extension) (component.Extension, error) {
 			return nil, fmt.Errorf("cannot create \"err\" extension type")
 		},
 	)
diff --git a/service/internal/builder/factories_test.go b/service/internal/builder/factories_test.go
index add76844a5d..f2a9afc76a9 100644
--- a/service/internal/builder/factories_test.go
+++ b/service/internal/builder/factories_test.go
@@ -96,7 +96,7 @@ func newBadExtensionFactory() component.ExtensionFactory {
 				ExtensionSettings: config.NewExtensionSettings(config.NewID("bf")),
 			}
 		},
-		func(ctx context.Context, params component.ExtensionCreateParams, extension config.Extension) (component.Extension, error) {
+		func(ctx context.Context, componentSettings component.ComponentSettings, extension config.Extension) (component.Extension, error) {
 			return nil, nil
 		},
 	)
diff --git a/service/internal/builder/pipelines_builder.go b/service/internal/builder/pipelines_builder.go
index dbea9f7cab2..0d2db286767 100644
--- a/service/internal/builder/pipelines_builder.go
+++ b/service/internal/builder/pipelines_builder.go
@@ -151,7 +151,7 @@ func (pb *pipelinesBuilder) buildPipeline(ctx context.Context, pipelineCfg *conf
 		// which we will build in the next loop iteration).
 		var err error
 		componentLogger := pb.logger.With(zap.String(zapKindKey, zapKindProcessor), zap.Stringer(zapNameKey, procCfg.ID()))
-		creationParams := component.ProcessorCreateParams{
+		creationSettings := component.ComponentSettings{
 			Logger:    componentLogger,
 			BuildInfo: pb.buildInfo,
 		}
@@ -159,7 +159,7 @@ func (pb *pipelinesBuilder) buildPipeline(ctx context.Context, pipelineCfg *conf
 		switch pipelineCfg.InputType {
 		case config.TracesDataType:
 			var proc component.TracesProcessor
-			proc, err = factory.CreateTracesProcessor(ctx, creationParams, procCfg, tc)
+			proc, err = factory.CreateTracesProcessor(ctx, creationSettings, procCfg, tc)
 			if proc != nil {
 				mutatesConsumedData = mutatesConsumedData || proc.GetCapabilities().MutatesConsumedData
 			}
@@ -167,7 +167,7 @@ func (pb *pipelinesBuilder) buildPipeline(ctx context.Context, pipelineCfg *conf
 			tc = proc
 		case config.MetricsDataType:
 			var proc component.MetricsProcessor
-			proc, err = factory.CreateMetricsProcessor(ctx, creationParams, procCfg, mc)
+			proc, err = factory.CreateMetricsProcessor(ctx, creationSettings, procCfg, mc)
 			if proc != nil {
 				mutatesConsumedData = mutatesConsumedData || proc.GetCapabilities().MutatesConsumedData
 			}
@@ -176,7 +176,7 @@ func (pb *pipelinesBuilder) buildPipeline(ctx context.Context, pipelineCfg *conf
 
 		case config.LogsDataType:
 			var proc component.LogsProcessor
-			proc, err = factory.CreateLogsProcessor(ctx, creationParams, procCfg, lc)
+			proc, err = factory.CreateLogsProcessor(ctx, creationSettings, procCfg, lc)
 			if proc != nil {
 				mutatesConsumedData = mutatesConsumedData || proc.GetCapabilities().MutatesConsumedData
 			}
diff --git a/service/internal/builder/receivers_builder.go b/service/internal/builder/receivers_builder.go
index 1bd70572742..4b35e64cce6 100644
--- a/service/internal/builder/receivers_builder.go
+++ b/service/internal/builder/receivers_builder.go
@@ -173,7 +173,7 @@ func (rb *receiversBuilder) attachReceiverToPipelines(
 	// sure its output is fanned out to all attached pipelines.
 	var err error
 	var createdReceiver component.Receiver
-	creationParams := component.ReceiverCreateParams{
+	creationSettings := component.ComponentSettings{
 		Logger:    logger,
 		BuildInfo: buildInfo,
 	}
@@ -181,15 +181,15 @@ func (rb *receiversBuilder) attachReceiverToPipelines(
 	switch dataType {
 	case config.TracesDataType:
 		junction := buildFanoutTraceConsumer(builtPipelines)
-		createdReceiver, err = factory.CreateTracesReceiver(ctx, creationParams, cfg, junction)
+		createdReceiver, err = factory.CreateTracesReceiver(ctx, creationSettings, cfg, junction)
 
 	case config.MetricsDataType:
 		junction := buildFanoutMetricConsumer(builtPipelines)
-		createdReceiver, err = factory.CreateMetricsReceiver(ctx, creationParams, cfg, junction)
+		createdReceiver, err = factory.CreateMetricsReceiver(ctx, creationSettings, cfg, junction)
 
 	case config.LogsDataType:
 		junction := buildFanoutLogConsumer(builtPipelines)
-		createdReceiver, err = factory.CreateLogsReceiver(ctx, creationParams, cfg, junction)
+		createdReceiver, err = factory.CreateLogsReceiver(ctx, creationSettings, cfg, junction)
 
 	default:
 		err = componenterror.ErrDataTypeIsNotSupported
diff --git a/service/internal/zpages/tmplgen/resources.go b/service/internal/zpages/tmplgen/resources.go
index e0f9ede4673..72a7f545d8d 100644
--- a/service/internal/zpages/tmplgen/resources.go
+++ b/service/internal/zpages/tmplgen/resources.go
@@ -1,17 +1,3 @@
-// Copyright  The OpenTelemetry Authors
-//
-// Licensed under the Apache License, Version 2.0 (the "License");
-// you may not use this file except in compliance with the License.
-// You may obtain a copy of the License at
-//
-//      http://www.apache.org/licenses/LICENSE-2.0
-//
-// Unless required by applicable law or agreed to in writing, software
-// distributed under the License is distributed on an "AS IS" BASIS,
-// WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
-// See the License for the specific language governing permissions and
-// limitations under the License.
-
 // Code generated by "esc -pkg tmplgen -o resources.go -modtime 0 ../templates/"; DO NOT EDIT.
 
 package tmplgen
diff --git a/service/service.go b/service/service.go
index f3b88c97e2e..866ea7275a7 100644
--- a/service/service.go
+++ b/service/service.go
@@ -24,21 +24,27 @@ import (
 	"go.opentelemetry.io/collector/config"
 	"go.opentelemetry.io/collector/consumer/consumererror"
 	"go.opentelemetry.io/collector/service/internal/builder"
+	"go.opentelemetry.io/collector/service/parserprovider"
 )
 
-// settings holds configuration for building a new service.
-type settings struct {
+// Settings holds configuration for building a new service.
+type Settings struct {
 	// Factories component factories.
 	Factories component.Factories
 
-	// BuildInfo provides application start information.
-	BuildInfo component.BuildInfo
+	// ComponentSettings contains logger and build info configuration
+	ComponentSettings component.ComponentSettings
 
 	// Config represents the configuration of the service.
 	Config *config.Config
 
-	// Logger represents the logger used for all the components.
-	Logger *zap.Logger
+	// ParserProvider provides the configuration's Parser.
+	// If it is not provided a default provider is used. The default provider loads the configuration
+	// from a config file define by the --config command line flag and overrides component's configuration
+	// properties supplied via --set command line flag.
+	ParserProvider parserprovider.ParserProvider
+	// LoggingOptions provides a way to change behavior of zap logging.
+	LoggingOptions []zap.Option
 
 	// AsyncErrorChannel is the channel that is used to report fatal errors.
 	AsyncErrorChannel chan error
@@ -58,12 +64,12 @@ type service struct {
 	builtExtensions builder.Extensions
 }
 
-func newService(settings *settings) (*service, error) {
+func newService(settings *Settings) (*service, error) {
 	srv := &service{
 		factories:         settings.Factories,
-		buildInfo:         settings.BuildInfo,
+		buildInfo:         settings.ComponentSettings.BuildInfo,
 		config:            settings.Config,
-		logger:            settings.Logger,
+		logger:            settings.ComponentSettings.Logger,
 		asyncErrorChannel: settings.AsyncErrorChannel,
 	}
 
diff --git a/service/service_test.go b/service/service_test.go
index 2d1631a2217..17b80490d45 100644
--- a/service/service_test.go
+++ b/service/service_test.go
@@ -104,11 +104,15 @@ func createExampleService(t *testing.T) *service {
 	cfg, err := configtest.LoadConfigFile(t, path.Join(".", "testdata", "otelcol-nop.yaml"), factories)
 	require.NoError(t, err)
 
-	srv, err := newService(&settings{
-		Factories: factories,
+	componentSettings := component.ComponentSettings{
 		BuildInfo: component.DefaultBuildInfo(),
-		Config:    cfg,
 		Logger:    zap.NewNop(),
+	}
+
+	srv, err := newService(&Settings{
+		Factories:         factories,
+		ComponentSettings: componentSettings,
+		Config:            cfg,
 	})
 	require.NoError(t, err)
 	return srv
diff --git a/testbed/testbed/otelcol_runner.go b/testbed/testbed/otelcol_runner.go
index 63e53efb36c..af254830a3f 100644
--- a/testbed/testbed/otelcol_runner.go
+++ b/testbed/testbed/otelcol_runner.go
@@ -84,16 +84,19 @@ func (ipp *InProcessCollector) PrepareConfig(configStr string) (configCleanup fu
 }
 
 func (ipp *InProcessCollector) Start(args StartParams) error {
-	params := service.Parameters{
+	componentSettings := component.ComponentSettings{
 		BuildInfo: component.BuildInfo{
 			Command: "otelcol",
 			Version: version.Version,
 		},
-		ParserProvider: parserprovider.NewInMemory(strings.NewReader(ipp.configStr)),
-		Factories:      ipp.factories,
+	}
+	settings := service.Settings{
+		ComponentSettings: componentSettings,
+		ParserProvider:    parserprovider.NewInMemory(strings.NewReader(ipp.configStr)),
+		Factories:         ipp.factories,
 	}
 	var err error
-	ipp.svc, err = service.New(params)
+	ipp.svc, err = service.New(settings)
 	if err != nil {
 		return err
 	}
diff --git a/testbed/testbed/receivers.go b/testbed/testbed/receivers.go
index e835adb5571..b86c63eab7c 100644
--- a/testbed/testbed/receivers.go
+++ b/testbed/testbed/receivers.go
@@ -101,11 +101,11 @@ func (or *OCDataReceiver) Start(tc consumer.Traces, mc consumer.Metrics, _ consu
 	cfg := factory.CreateDefaultConfig().(*opencensusreceiver.Config)
 	cfg.NetAddr = confignet.NetAddr{Endpoint: fmt.Sprintf("localhost:%d", or.Port), Transport: "tcp"}
 	var err error
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	if or.traceReceiver, err = factory.CreateTracesReceiver(context.Background(), params, cfg, tc); err != nil {
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	if or.traceReceiver, err = factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, tc); err != nil {
 		return err
 	}
-	if or.metricsReceiver, err = factory.CreateMetricsReceiver(context.Background(), params, cfg, mc); err != nil {
+	if or.metricsReceiver, err = factory.CreateMetricsReceiver(context.Background(), componentSettings, cfg, mc); err != nil {
 		return err
 	}
 	if err = or.traceReceiver.Start(context.Background(), or); err != nil {
@@ -157,8 +157,8 @@ func (jr *JaegerDataReceiver) Start(tc consumer.Traces, _ consumer.Metrics, _ co
 		NetAddr: confignet.NetAddr{Endpoint: fmt.Sprintf("localhost:%d", jr.Port), Transport: "tcp"},
 	}
 	var err error
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	jr.receiver, err = factory.CreateTracesReceiver(context.Background(), params, cfg, tc)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	jr.receiver, err = factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, tc)
 	if err != nil {
 		return err
 	}
@@ -204,14 +204,14 @@ func (bor *BaseOTLPDataReceiver) Start(tc consumer.Traces, mc consumer.Metrics,
 		cfg.GRPC = nil
 	}
 	var err error
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	if bor.traceReceiver, err = factory.CreateTracesReceiver(context.Background(), params, cfg, tc); err != nil {
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	if bor.traceReceiver, err = factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, tc); err != nil {
 		return err
 	}
-	if bor.metricsReceiver, err = factory.CreateMetricsReceiver(context.Background(), params, cfg, mc); err != nil {
+	if bor.metricsReceiver, err = factory.CreateMetricsReceiver(context.Background(), componentSettings, cfg, mc); err != nil {
 		return err
 	}
-	if bor.logReceiver, err = factory.CreateLogsReceiver(context.Background(), params, cfg, lc); err != nil {
+	if bor.logReceiver, err = factory.CreateLogsReceiver(context.Background(), componentSettings, cfg, lc); err != nil {
 		return err
 	}
 
@@ -299,9 +299,9 @@ func (zr *ZipkinDataReceiver) Start(tc consumer.Traces, _ consumer.Metrics, _ co
 	cfg := factory.CreateDefaultConfig().(*zipkinreceiver.Config)
 	cfg.Endpoint = fmt.Sprintf("localhost:%d", zr.Port)
 
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
 	var err error
-	zr.receiver, err = factory.CreateTracesReceiver(context.Background(), params, cfg, tc)
+	zr.receiver, err = factory.CreateTracesReceiver(context.Background(), componentSettings, cfg, tc)
 
 	if err != nil {
 		return err
@@ -362,8 +362,8 @@ func (dr *PrometheusDataReceiver) Start(_ consumer.Traces, mc consumer.Metrics,
 		}},
 	}
 	var err error
-	params := component.ReceiverCreateParams{Logger: zap.NewNop()}
-	dr.receiver, err = factory.CreateMetricsReceiver(context.Background(), params, cfg, mc)
+	componentSettings := component.ComponentSettings{Logger: zap.NewNop()}
+	dr.receiver, err = factory.CreateMetricsReceiver(context.Background(), componentSettings, cfg, mc)
 	if err != nil {
 		return err
 	}
diff --git a/testbed/testbed/senders.go b/testbed/testbed/senders.go
index c5d0131faa0..b1fb4b1780d 100644
--- a/testbed/testbed/senders.go
+++ b/testbed/testbed/senders.go
@@ -608,6 +608,6 @@ func (pds *PrometheusDataSender) ProtocolName() string {
 	return "prometheus"
 }
 
-func defaultExporterParams() component.ExporterCreateParams {
-	return component.ExporterCreateParams{Logger: zap.L()}
+func defaultExporterParams() component.ComponentSettings {
+	return component.ComponentSettings{Logger: zap.L()}
 }