diff --git a/src/System.Windows.Forms.Analyzers.CSharp/src/System/Windows/Forms/CSharp/Analyzers/MissingPropertySerializationConfiguration/MissingPropertySerializationConfigurationAnalyzer.cs b/src/System.Windows.Forms.Analyzers.CSharp/src/System/Windows/Forms/CSharp/Analyzers/MissingPropertySerializationConfiguration/MissingPropertySerializationConfigurationAnalyzer.cs
index 52a79db8897..c8fe53bcd58 100644
--- a/src/System.Windows.Forms.Analyzers.CSharp/src/System/Windows/Forms/CSharp/Analyzers/MissingPropertySerializationConfiguration/MissingPropertySerializationConfigurationAnalyzer.cs
+++ b/src/System.Windows.Forms.Analyzers.CSharp/src/System/Windows/Forms/CSharp/Analyzers/MissingPropertySerializationConfiguration/MissingPropertySerializationConfigurationAnalyzer.cs
@@ -12,8 +12,10 @@ namespace System.Windows.Forms.CSharp.Analyzers.MissingPropertySerializationConf
 [DiagnosticAnalyzer(LanguageNames.CSharp)]
 public class MissingPropertySerializationConfigurationAnalyzer : DiagnosticAnalyzer
 {
-    public override ImmutableArray<DiagnosticDescriptor> SupportedDiagnostics
-        => [CSharpDiagnosticDescriptors.s_missingPropertySerializationConfiguration];
+    private const string SystemComponentModelName = "System.ComponentModel";
+
+    public override ImmutableArray<DiagnosticDescriptor> SupportedDiagnostics =>
+        [CSharpDiagnosticDescriptors.s_missingPropertySerializationConfiguration];
 
     public override void Initialize(AnalysisContext context)
     {
@@ -24,26 +26,53 @@ public override void Initialize(AnalysisContext context)
 
     private static void AnalyzeSymbol(SymbolAnalysisContext context)
     {
-        // We analyze only properties.
-        var propertySymbol = (IPropertySymbol)context.Symbol;
+        // We never flag a property named Site of type of ISite
+        if (context.Symbol is not IPropertySymbol propertySymbol
+            || propertySymbol.IsStatic)
+        {
+            return;
+        }
 
-        // Does the property belong to a class which derives from Component?
-        if (propertySymbol.ContainingType is null
-            || !propertySymbol
-                .ContainingType
-                .AllInterfaces
-                .Any(i => i.Name == nameof(IComponent)))
+        // A property of System.ComponentModel.ISite we never flag.
+        if (propertySymbol.Type.Name == nameof(ISite)
+            && propertySymbol.Type.ContainingNamespace.ToString() == SystemComponentModelName)
         {
             return;
         }
 
-        // Is the property read/write and at least internal?
-        if (propertySymbol.SetMethod is null
+        // Is the property read/write and at least internal and doesn't have a private setter?
+        if (propertySymbol.SetMethod is not IMethodSymbol propertySetter
+            || propertySetter.DeclaredAccessibility == Accessibility.Private
             || propertySymbol.DeclaredAccessibility < Accessibility.Internal)
         {
             return;
         }
 
+        // Skip overridden properties since the base property should already
+        // have the appropriate serialization configuration
+        if (propertySymbol.IsOverride)
+        {
+            return;
+        }
+
+        // If the property is part of any interface named IComponent, we're out.
+        if (propertySymbol.ContainingType.Name == nameof(IComponent))
+        {
+            return;
+        }
+
+        // Does the property belong to a class which implements the System.ComponentModel.IComponent interface?
+        if (propertySymbol.ContainingType is null
+            || !propertySymbol
+                .ContainingType
+                .AllInterfaces
+                .Any(i => i.Name == nameof(IComponent) &&
+                          i.ContainingNamespace is not null &&
+                          i.ContainingNamespace.ToString() == SystemComponentModelName))
+        {
+            return;
+        }
+
         // Is the property attributed with DesignerSerializationVisibility or DefaultValue?
         if (propertySymbol.GetAttributes()
             .Any(a => a?.AttributeClass?.Name is (nameof(DesignerSerializationVisibilityAttribute))
diff --git a/src/System.Windows.Forms.Analyzers.VisualBasic/src/Analyzers/MissingPropertySerializationConfiguration/MissingPropertySerializationConfigurationDiagnosticAnalyzer.vb b/src/System.Windows.Forms.Analyzers.VisualBasic/src/Analyzers/MissingPropertySerializationConfiguration/MissingPropertySerializationConfigurationDiagnosticAnalyzer.vb
index c5ff05bf0d2..45399be3ae0 100644
--- a/src/System.Windows.Forms.Analyzers.VisualBasic/src/Analyzers/MissingPropertySerializationConfiguration/MissingPropertySerializationConfigurationDiagnosticAnalyzer.vb
+++ b/src/System.Windows.Forms.Analyzers.VisualBasic/src/Analyzers/MissingPropertySerializationConfiguration/MissingPropertySerializationConfigurationDiagnosticAnalyzer.vb
@@ -12,6 +12,8 @@ Namespace Global.System.Windows.Forms.VisualBasic.Analyzers.MissingPropertySeria
     Public Class MissingPropertySerializationConfigurationAnalyzer
         Inherits DiagnosticAnalyzer
 
+        Private Const SystemComponentModelName As String = "System.ComponentModel"
+
         Public Overrides ReadOnly Property SupportedDiagnostics As ImmutableArray(Of DiagnosticDescriptor)
             Get
                 Return ImmutableArray.Create(s_missingPropertySerializationConfiguration)
@@ -28,22 +30,46 @@ Namespace Global.System.Windows.Forms.VisualBasic.Analyzers.MissingPropertySeria
 
             ' We analyze only properties.
             Dim propertySymbol As IPropertySymbol = TryCast(context.Symbol, IPropertySymbol)
+
             If propertySymbol Is Nothing Then
                 Return
             End If
 
-            ' Does the property belong to a class which derives from Component?
-            If propertySymbol.ContainingType Is Nothing OrElse
-               Not propertySymbol.ContainingType.AllInterfaces.Any(
-                Function(i) i.Name = NameOf(IComponent)) Then
+            ' A property of System.ComponentModel.ISite we never flag.
+            If propertySymbol.Type.Name = NameOf(ISite) AndAlso
+               propertySymbol.Type.ContainingNamespace.ToString() = SystemComponentModelName Then
+                Return
+            End If
+
+            ' If the property is part of any interface named IComponent, we're out.
+            If propertySymbol.ContainingType.Name = NameOf(IComponent) Then
+                Return
+            End If
 
+            ' Skip static properties since they are not serialized by the designer
+            If propertySymbol.IsStatic Then
                 Return
             End If
 
-            ' Is the property read/write and at least internal?
+            ' Is the property read/write, at least internal, and doesn't have a private setter?
             If propertySymbol.SetMethod Is Nothing OrElse
+               propertySymbol.SetMethod.DeclaredAccessibility = Accessibility.Private OrElse
                propertySymbol.DeclaredAccessibility < Accessibility.Internal Then
+                Return
+            End If
+
+            ' Skip overridden properties since the base property should already
+            ' have the appropriate serialization configuration
+            If propertySymbol.IsOverride Then
+                Return
+            End If
 
+            ' Does the property belong to a class which implements the System.ComponentModel.IComponent interface?
+            If propertySymbol.ContainingType Is Nothing OrElse
+               Not propertySymbol.ContainingType.AllInterfaces.Any(
+                Function(i) i.Name = NameOf(IComponent) AndAlso
+                          i.ContainingNamespace IsNot Nothing AndAlso
+                          i.ContainingNamespace.ToString() = SystemComponentModelName) Then
                 Return
             End If