diff --git a/frontend/src/lib/ParserUtils.ts b/frontend/src/lib/ParserUtils.ts
new file mode 100644
index 00000000000..0442b0604d8
--- /dev/null
+++ b/frontend/src/lib/ParserUtils.ts
@@ -0,0 +1,16 @@
+import { Metadata } from 'third_party/argo-ui/argo_template';
+
+export function parseTaskDisplayName(metadata?: Metadata): string | undefined {
+  if (!metadata?.annotations) {
+    return undefined;
+  }
+  const taskDisplayName = metadata.annotations['pipelines.kubeflow.org/task_display_name'];
+  let componentDisplayName: string | undefined;
+  try {
+    componentDisplayName = JSON.parse(metadata.annotations['pipelines.kubeflow.org/component_spec'])
+      .name;
+  } catch (err) {
+    // Expected error: metadata is missing or malformed
+  }
+  return taskDisplayName || componentDisplayName;
+}
diff --git a/frontend/src/lib/StaticGraphParser.test.ts b/frontend/src/lib/StaticGraphParser.test.ts
index 17da3076024..b85c44d5c58 100644
--- a/frontend/src/lib/StaticGraphParser.test.ts
+++ b/frontend/src/lib/StaticGraphParser.test.ts
@@ -143,6 +143,28 @@ describe('StaticGraphParser', () => {
       expect(g.node('/task-1').label).toEqual('TaskDisplayName');
     });
 
+    it("uses task's annotation component_name as node label when present", () => {
+      const workflow = newWorkflow();
+      workflow.spec.templates[1].metadata = {
+        annotations: {
+          'pipelines.kubeflow.org/component_spec': '{"name":"Component Display Name"}',
+        },
+      };
+      const g = createGraph(workflow);
+      expect(g.node('/task-1').label).toEqual('Component Display Name');
+    });
+
+    it("uses task's default node label when component_name is malformed", () => {
+      const workflow = newWorkflow();
+      workflow.spec.templates[1].metadata = {
+        annotations: {
+          'pipelines.kubeflow.org/component_spec': '"name":"Component Display Name"}',
+        },
+      };
+      const g = createGraph(workflow);
+      expect(g.node('/task-1').label).not.toEqual('Component Display Name');
+    });
+
     it('adds an unconnected node for the onExit template, if onExit is specified', () => {
       const workflow = newWorkflow();
       workflow.spec.onExit = 'on-exit';
diff --git a/frontend/src/lib/StaticGraphParser.ts b/frontend/src/lib/StaticGraphParser.ts
index f5f82ea4c03..5bc3e26226e 100644
--- a/frontend/src/lib/StaticGraphParser.ts
+++ b/frontend/src/lib/StaticGraphParser.ts
@@ -19,6 +19,7 @@ import { Template, Workflow } from '../../third_party/argo-ui/argo_template';
 import { color } from '../Css';
 import { Constants } from './Constants';
 import { logger } from './Utils';
+import { parseTaskDisplayName } from './ParserUtils';
 
 export type nodeType = 'container' | 'resource' | 'dag' | 'unknown';
 
@@ -177,13 +178,7 @@ function buildDag(
         if (child.nodeType === 'dag') {
           buildDag(graph, task.template, templates, alreadyVisited, nodeId);
         } else if (child.nodeType === 'container' || child.nodeType === 'resource') {
-          const metadata = child.template.metadata;
-          if (metadata && metadata.annotations) {
-            const displayName = metadata.annotations['pipelines.kubeflow.org/task_display_name'];
-            if (displayName) {
-              nodeLabel = displayName;
-            }
-          }
+          nodeLabel = parseTaskDisplayName(child.template.metadata) || nodeLabel;
           _populateInfoFromTemplate(info, child.template);
         } else {
           throw new Error(
diff --git a/frontend/src/lib/WorkflowParser.test.ts b/frontend/src/lib/WorkflowParser.test.ts
index f54214a88ec..7dc0cb8ac15 100644
--- a/frontend/src/lib/WorkflowParser.test.ts
+++ b/frontend/src/lib/WorkflowParser.test.ts
@@ -18,6 +18,7 @@ import { color } from '../Css';
 import { NodePhase } from '../lib/StatusUtils';
 import { Constants } from './Constants';
 import WorkflowParser, { StorageService } from './WorkflowParser';
+import { Workflow } from 'third_party/argo-ui/argo_template';
 
 describe('WorkflowParser', () => {
   describe('createRuntimeGraph', () => {
@@ -310,15 +311,15 @@ describe('WorkflowParser', () => {
       expect(g.node('exitNode').label).toEqual('onExit - clean');
     });
 
-    it('gives nodes customized labels based on template annotation', () => {
-      const workflow = {
+    function singleNodeWorkflow() {
+      return {
         metadata: { name: 'testWorkflow' },
         spec: {
           templates: [
             {
               metadata: {
                 annotations: {
-                  'pipelines.kubeflow.org/task_display_name': 'Customized name',
+                  // 'pipelines.kubeflow.org/task_display_name': 'Customized name',
                 },
               },
               name: 'some-template',
@@ -337,8 +338,22 @@ describe('WorkflowParser', () => {
           },
         },
       };
-      const g = WorkflowParser.createRuntimeGraph(workflow as any);
+    }
+
+    it('gives nodes customized labels based on template annotation', () => {
+      const workflow1 = singleNodeWorkflow();
+      workflow1.spec.templates[0].metadata.annotations = {
+        'pipelines.kubeflow.org/task_display_name': 'Customized name',
+      };
+      const g = WorkflowParser.createRuntimeGraph(workflow1 as any);
       expect(g.node('node1').label).toEqual('Customized name');
+
+      const workflow2 = singleNodeWorkflow();
+      workflow2.spec.templates[0].metadata.annotations = {
+        'pipelines.kubeflow.org/component_spec': '{"name":"Component Name"}',
+      };
+      const g2 = WorkflowParser.createRuntimeGraph(workflow2 as any);
+      expect(g2.node('node1').label).toEqual('Component Name');
     });
   });
 
diff --git a/frontend/src/lib/WorkflowParser.ts b/frontend/src/lib/WorkflowParser.ts
index 257b24024d8..c48a378b894 100644
--- a/frontend/src/lib/WorkflowParser.ts
+++ b/frontend/src/lib/WorkflowParser.ts
@@ -28,6 +28,7 @@ import { statusToIcon } from '../pages/Status';
 import { Constants } from './Constants';
 import { KeyValue } from './StaticGraphParser';
 import { hasFinished, NodePhase, statusToBgColor } from './StatusUtils';
+import { parseTaskDisplayName } from './ParserUtils';
 
 export enum StorageService {
   GCS = 'gcs',
@@ -96,12 +97,7 @@ export default class WorkflowParser {
         const tmpl = workflow.spec.templates.find(
           t => !!t && !!t.name && t.name === node.templateName,
         );
-        if (tmpl && tmpl.metadata && tmpl.metadata.annotations) {
-          const displayName = tmpl.metadata.annotations['pipelines.kubeflow.org/task_display_name'];
-          if (displayName) {
-            nodeLabel = displayName;
-          }
-        }
+        nodeLabel = parseTaskDisplayName(tmpl?.metadata) || nodeLabel;
       }
 
       g.setNode(node.id, {