diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3b00cb570..156fbd5d5 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -10,7 +10,7 @@
 
 ##### Bug Fixes
 
-- None.
+- Fix redundant public accessibility analysis for protocol members declared in extensions that are referenced cross-module where the protocol itself is not.
 
 ## 2.16.0 (2023-09-27)
 
diff --git a/Sources/PeripheryKit/Indexer/Declaration.swift b/Sources/PeripheryKit/Indexer/Declaration.swift
index 552feb5c9..c1b8db523 100644
--- a/Sources/PeripheryKit/Indexer/Declaration.swift
+++ b/Sources/PeripheryKit/Indexer/Declaration.swift
@@ -314,4 +314,8 @@ public struct DeclarationAccessibility {
     public func isExplicitly(_ testValue: Accessibility) -> Bool {
         isExplicit && value == testValue
     }
+
+    var isAccessibleCrossModule: Bool {
+        value == .public || value == .open
+    }
 }
diff --git a/Sources/PeripheryKit/SourceGraph/Mutators/RedundantExplicitPublicAccessibilityMarker.swift b/Sources/PeripheryKit/SourceGraph/Mutators/RedundantExplicitPublicAccessibilityMarker.swift
index beac7e888..9e6853683 100644
--- a/Sources/PeripheryKit/SourceGraph/Mutators/RedundantExplicitPublicAccessibilityMarker.swift
+++ b/Sources/PeripheryKit/SourceGraph/Mutators/RedundantExplicitPublicAccessibilityMarker.swift
@@ -34,7 +34,11 @@ final class RedundantExplicitPublicAccessibilityMarker: SourceGraphMutator {
     private func validate(_ decl: Declaration) throws {
         // Check if the declaration is public, and is referenced cross module.
         if decl.accessibility.isExplicitly(.public) {
-            if try !isReferencedCrossModule(decl) && !isExposedPubliclyByAnotherDeclaration(decl) && !graph.isRetained(decl) {
+            if !graph.isRetained(decl) &&
+                !isReferencedCrossModule(decl) &&
+                !isExposedPubliclyByAnotherDeclaration(decl) &&
+                !isProtocolIndirectlyReferencedCrossModuleByExtensionMember(decl)
+            {
                 // Public accessibility is redundant.
                 mark(decl)
                 markExplicitPublicDescendentDeclarations(from: decl)
@@ -108,17 +112,50 @@ final class RedundantExplicitPublicAccessibilityMarker: SourceGraphMutator {
                 return nil
             }
 
-        return referenceDecls.contains { refDecl in
-            refDecl.accessibility.value == .public || refDecl.accessibility.value == .open
-        }
+        return referenceDecls.contains { $0.accessibility.isAccessibleCrossModule }
+    }
+
+    /// A public protocol that is not directly referenced cross-module may still be exposed by a public member declared
+    /// within an extension that is accessed on a conforming type.
+    ///
+    ///     // TargetA
+    ///     public protocol MyProtocol {}
+    ///     public extension MyProtocol {
+    ///         func someExtensionFunc() {}
+    ///     }
+    ///     public class MyClass: MyProtocol {}
+    ///
+    ///     // TargetB
+    ///     let cls = MyClass()
+    ///     cls.someExtensionFunc()
+    ///
+    private func isProtocolIndirectlyReferencedCrossModuleByExtensionMember(_ decl: Declaration) -> Bool {
+        guard decl.kind == .protocol else { return false }
+
+        return graph.references(to: decl)
+            .lazy
+            .compactMap { ref -> Declaration? in
+                guard let parent = ref.parent else { return nil }
+
+                if parent.kind == .extensionProtocol && parent.name == decl.name {
+                    return parent
+                }
+
+                return nil
+            }
+            .contains {
+                $0.declarations.contains {
+                    $0.accessibility.value == .public && isReferencedCrossModule($0)
+                }
+            }
     }
 
-    private func isReferencedCrossModule(_ decl: Declaration) throws -> Bool {
-        let referenceModules = try nonTestableModulesReferencing(decl)
+    private func isReferencedCrossModule(_ decl: Declaration) -> Bool {
+        let referenceModules = nonTestableModulesReferencing(decl)
         return !referenceModules.subtracting(decl.location.file.modules).isEmpty
     }
 
-    private func nonTestableModulesReferencing(_ decl: Declaration) throws -> Set<String> {
+    private func nonTestableModulesReferencing(_ decl: Declaration) -> Set<String> {
         let referenceFiles = graph.references(to: decl).map { $0.location.file }
 
         let referenceModules = referenceFiles.flatMapSet { file -> Set<String> in
diff --git a/Tests/AccessibilityTests/AccessibilityProject/Sources/MainTarget/main.swift b/Tests/AccessibilityTests/AccessibilityProject/Sources/MainTarget/main.swift
index 2d44e240e..c4a8be4cd 100644
--- a/Tests/AccessibilityTests/AccessibilityProject/Sources/MainTarget/main.swift
+++ b/Tests/AccessibilityTests/AccessibilityProject/Sources/MainTarget/main.swift
@@ -31,6 +31,8 @@ _ = PublicTypeUsedAsPublicFunctionMetatypeParameterWithGenericReturnTypeRetainer
 
 _ = NotRedundantPublicTestableImportClass().testableProperty
 
+ProtocolIndirectlyReferencedCrossModuleByExtensionMemberImpl().somePublicFunc()
+
 // Typealias
 let _: PublicTypealiasWithClosureType? = nil
 
@@ -56,4 +58,3 @@ _ = InternalProtocolRefiningPublicProtocolRetainer()
 
 // Closure
 let _ = PublicTypeUsedInPublicClosureRetainer().closure
-
diff --git a/Tests/AccessibilityTests/AccessibilityProject/Sources/TargetA/ProtocolIndirectlyReferencedCrossModuleByExtensionMember.swift b/Tests/AccessibilityTests/AccessibilityProject/Sources/TargetA/ProtocolIndirectlyReferencedCrossModuleByExtensionMember.swift
new file mode 100644
index 000000000..52d276236
--- /dev/null
+++ b/Tests/AccessibilityTests/AccessibilityProject/Sources/TargetA/ProtocolIndirectlyReferencedCrossModuleByExtensionMember.swift
@@ -0,0 +1,7 @@
+public protocol ProtocolIndirectlyReferencedCrossModuleByExtensionMember {}
+public extension ProtocolIndirectlyReferencedCrossModuleByExtensionMember {
+    func somePublicFunc() {}
+}
+public class ProtocolIndirectlyReferencedCrossModuleByExtensionMemberImpl: ProtocolIndirectlyReferencedCrossModuleByExtensionMember {
+    public init() {}
+}
diff --git a/Tests/AccessibilityTests/RedundantPublicAccessibilityTest.swift b/Tests/AccessibilityTests/RedundantPublicAccessibilityTest.swift
index e86d03816..1ce19fbd0 100644
--- a/Tests/AccessibilityTests/RedundantPublicAccessibilityTest.swift
+++ b/Tests/AccessibilityTests/RedundantPublicAccessibilityTest.swift
@@ -229,4 +229,27 @@ class RedundantPublicAccessibilityTest: SourceGraphTestCase {
         // Destructured binding control.
         assertRedundantPublicAccessibility(.protocol("PublicTypeUsedAsPublicFunctionMetatypeParameterWithGenericReturnType4"))
     }
+
+    /// A public protocol that is not directly referenced cross-module may still be exposed by a public member declared
+    /// within an extension that is accessed on a conforming type.
+    ///
+    ///     // TargetA
+    ///     public protocol MyProtocol {}
+    ///     public extension MyProtocol {
+    ///         func someExtensionFunc() {}
+    ///     }
+    ///     public class MyClass: MyProtocol {}
+    ///
+    ///     // TargetB
+    ///     let cls = MyClass()
+    ///     cls.someExtensionFunc()
+    ///
+    func testPublicProtocolIndirectlyReferencedByExtensionMember() {
+        Self.index()
+
+        assertNotRedundantPublicAccessibility(.protocol("ProtocolIndirectlyReferencedCrossModuleByExtensionMember"))
+        assertNotRedundantPublicAccessibility(.extensionProtocol("ProtocolIndirectlyReferencedCrossModuleByExtensionMember")) {
+            self.assertNotRedundantPublicAccessibility(.functionMethodInstance("somePublicFunc()"))
+        }
+    }
 }