diff --git a/pageserver/src/metrics.rs b/pageserver/src/metrics.rs
index 80113220ae..dc7f89cf3a 100644
--- a/pageserver/src/metrics.rs
+++ b/pageserver/src/metrics.rs
@@ -285,6 +285,63 @@ pub static PAGE_CACHE_SIZE: Lazy<PageCacheSizeMetrics> = Lazy::new(|| PageCacheS
     },
 });
 
+pub(crate) mod page_cache_eviction_metrics {
+    use std::num::NonZeroUsize;
+
+    use metrics::{register_int_counter_vec, IntCounter, IntCounterVec};
+    use once_cell::sync::Lazy;
+
+    #[derive(Clone, Copy)]
+    pub(crate) enum Outcome {
+        FoundSlotUnused { iters: NonZeroUsize },
+        FoundSlotEvicted { iters: NonZeroUsize },
+        ItersExceeded { iters: NonZeroUsize },
+    }
+
+    static ITERS_TOTAL_VEC: Lazy<IntCounterVec> = Lazy::new(|| {
+        register_int_counter_vec!(
+            "pageserver_page_cache_find_victim_iters_total",
+            "Counter for the number of iterations in the find_victim loop",
+            &["outcome"],
+        )
+        .expect("failed to define a metric")
+    });
+
+    static CALLS_VEC: Lazy<IntCounterVec> = Lazy::new(|| {
+        register_int_counter_vec!(
+            "pageserver_page_cache_find_victim_calls",
+            "Incremented at the end of each find_victim() call.\
+             Filter by outcome to get e.g., eviction rate.",
+            &["outcome"]
+        )
+        .unwrap()
+    });
+
+    pub(crate) fn observe(outcome: Outcome) {
+        macro_rules! dry {
+            ($label:literal, $iters:expr) => {{
+                static LABEL: &'static str = $label;
+                static ITERS_TOTAL: Lazy<IntCounter> =
+                    Lazy::new(|| ITERS_TOTAL_VEC.with_label_values(&[LABEL]));
+                static CALLS: Lazy<IntCounter> =
+                    Lazy::new(|| CALLS_VEC.with_label_values(&[LABEL]));
+                ITERS_TOTAL.inc_by(($iters.get()) as u64);
+                CALLS.inc();
+            }};
+        }
+        match outcome {
+            Outcome::FoundSlotUnused { iters } => dry!("found_empty", iters),
+            Outcome::FoundSlotEvicted { iters } => {
+                dry!("found_evicted", iters)
+            }
+            Outcome::ItersExceeded { iters } => {
+                dry!("err_iters_exceeded", iters);
+                super::page_cache_errors_inc(super::PageCacheErrorKind::EvictIterLimit);
+            }
+        }
+    }
+}
+
 pub(crate) static PAGE_CACHE_ACQUIRE_PINNED_SLOT_TIME: Lazy<Histogram> = Lazy::new(|| {
     register_histogram!(
         "pageserver_page_cache_acquire_pinned_slot_seconds",
@@ -294,14 +351,6 @@ pub(crate) static PAGE_CACHE_ACQUIRE_PINNED_SLOT_TIME: Lazy<Histogram> = Lazy::n
     .expect("failed to define a metric")
 });
 
-pub(crate) static PAGE_CACHE_FIND_VICTIMS_ITERS_TOTAL: Lazy<IntCounter> = Lazy::new(|| {
-    register_int_counter!(
-        "pageserver_page_cache_find_victim_iters_total",
-        "Counter for the number of iterations in the find_victim loop",
-    )
-    .expect("failed to define a metric")
-});
-
 static PAGE_CACHE_ERRORS: Lazy<IntCounterVec> = Lazy::new(|| {
     register_int_counter_vec!(
         "page_cache_errors_total",
diff --git a/pageserver/src/page_cache.rs b/pageserver/src/page_cache.rs
index 0702057766..dbd85d2dcf 100644
--- a/pageserver/src/page_cache.rs
+++ b/pageserver/src/page_cache.rs
@@ -88,7 +88,11 @@ use utils::{
     lsn::Lsn,
 };
 
-use crate::{context::RequestContext, metrics::PageCacheSizeMetrics, repository::Key};
+use crate::{
+    context::RequestContext,
+    metrics::{page_cache_eviction_metrics, PageCacheSizeMetrics},
+    repository::Key,
+};
 
 static PAGE_CACHE: OnceCell<PageCache> = OnceCell::new();
 const TEST_PAGE_CACHE_SIZE: usize = 50;
@@ -897,8 +901,10 @@ impl PageCache {
                             // Note that just yielding to tokio during iteration without such
                             // priority boosting is likely counter-productive. We'd just give more opportunities
                             // for B to bump usage count, further starving A.
-                            crate::metrics::page_cache_errors_inc(
-                                crate::metrics::PageCacheErrorKind::EvictIterLimit,
+                            page_cache_eviction_metrics::observe(
+                                page_cache_eviction_metrics::Outcome::ItersExceeded {
+                                    iters: iters.try_into().unwrap(),
+                                },
                             );
                             anyhow::bail!("exceeded evict iter limit");
                         }
@@ -909,8 +915,18 @@ impl PageCache {
                     // remove mapping for old buffer
                     self.remove_mapping(old_key);
                     inner.key = None;
+                    page_cache_eviction_metrics::observe(
+                        page_cache_eviction_metrics::Outcome::FoundSlotEvicted {
+                            iters: iters.try_into().unwrap(),
+                        },
+                    );
+                } else {
+                    page_cache_eviction_metrics::observe(
+                        page_cache_eviction_metrics::Outcome::FoundSlotUnused {
+                            iters: iters.try_into().unwrap(),
+                        },
+                    );
                 }
-                crate::metrics::PAGE_CACHE_FIND_VICTIMS_ITERS_TOTAL.inc_by(iters as u64);
                 return Ok((slot_idx, inner));
             }
         }