diff --git a/operations/helm/charts/grafana-agent/CHANGELOG.md b/operations/helm/charts/grafana-agent/CHANGELOG.md
index f87918d883ce..6b82c54edf9d 100644
--- a/operations/helm/charts/grafana-agent/CHANGELOG.md
+++ b/operations/helm/charts/grafana-agent/CHANGELOG.md
@@ -10,6 +10,11 @@ internal API changes are not present.
 Unreleased
 ----------
 
+### Enhancements
+
+- Ensure that `app.kubernetes.io/version` label accounts for any 
+  image tag overrides supplied to the chart Values. (@tristanburgess)
+
 0.27.2 (2023-11-07)
 ----------
 
diff --git a/operations/helm/charts/grafana-agent/templates/_helpers.tpl b/operations/helm/charts/grafana-agent/templates/_helpers.tpl
index b9336e976d62..342a330a8aa6 100644
--- a/operations/helm/charts/grafana-agent/templates/_helpers.tpl
+++ b/operations/helm/charts/grafana-agent/templates/_helpers.tpl
@@ -55,9 +55,9 @@ helm.sh/chart: {{ include "grafana-agent.chart" . }}
 app.kubernetes.io/version: "vX.Y.Z"
 app.kubernetes.io/managed-by: {{ .Release.Service }}
 {{- else }}
-{{- if .Chart.AppVersion }}
-app.kubernetes.io/version: {{ .Chart.AppVersion | quote }}
-{{- end }}
+{{/* substr trims delimeter prefix char from grafana-agent.imageId output 
+    e.g. ':' for tags and '@' for digests. */}}
+app.kubernetes.io/version: {{ substr 1 -1 (include "grafana-agent.imageId" .) }}
 app.kubernetes.io/managed-by: {{ .Release.Service }}
 {{- end }}
 {{- end }}