diff --git a/instrumentation/opentelemetry-instrumentation-psycopg/src/opentelemetry/instrumentation/psycopg/__init__.py b/instrumentation/opentelemetry-instrumentation-psycopg/src/opentelemetry/instrumentation/psycopg/__init__.py
index 38a6264c6d..6e9c7b82f1 100644
--- a/instrumentation/opentelemetry-instrumentation-psycopg/src/opentelemetry/instrumentation/psycopg/__init__.py
+++ b/instrumentation/opentelemetry-instrumentation-psycopg/src/opentelemetry/instrumentation/psycopg/__init__.py
@@ -183,6 +183,7 @@ def _instrument(self, **kwargs: Any):
         enable_attribute_commenter = kwargs.get(
             "enable_attribute_commenter", False
         )
+        capture_parameters = kwargs.get("capture_parameters", False)
         dbapi.wrap_connect(
             __name__,
             psycopg,
@@ -195,6 +196,7 @@ def _instrument(self, **kwargs: Any):
             enable_commenter=enable_sqlcommenter,
             commenter_options=commenter_options,
             enable_attribute_commenter=enable_attribute_commenter,
+            capture_parameters=capture_parameters,
         )
 
         dbapi.wrap_connect(
@@ -209,6 +211,7 @@ def _instrument(self, **kwargs: Any):
             enable_commenter=enable_sqlcommenter,
             commenter_options=commenter_options,
             enable_attribute_commenter=enable_attribute_commenter,
+            capture_parameters=capture_parameters,
         )
         dbapi.wrap_connect(
             __name__,
@@ -222,6 +225,7 @@ def _instrument(self, **kwargs: Any):
             enable_commenter=enable_sqlcommenter,
             commenter_options=commenter_options,
             enable_attribute_commenter=enable_attribute_commenter,
+            capture_parameters=capture_parameters,
         )
 
     def _uninstrument(self, **kwargs: Any):
diff --git a/instrumentation/opentelemetry-instrumentation-psycopg/tests/test_psycopg_integration.py b/instrumentation/opentelemetry-instrumentation-psycopg/tests/test_psycopg_integration.py
index 6c9bcf2d4b..dcc66c84f9 100644
--- a/instrumentation/opentelemetry-instrumentation-psycopg/tests/test_psycopg_integration.py
+++ b/instrumentation/opentelemetry-instrumentation-psycopg/tests/test_psycopg_integration.py
@@ -258,6 +258,25 @@ def test_span_name(self):
         self.assertEqual(spans_list[6].name, "postgresql")
         self.assertEqual(spans_list[7].name, "--")
 
+    def test_span_params_attribute(self):
+        PsycopgInstrumentor().instrument(capture_parameters=True)
+        cnx = psycopg.connect(database="test")
+        query = "SELECT * FROM mytable WHERE myparam1 = %s AND myparam2 = %s"
+        params = ("test", 42)
+
+        cursor = cnx.cursor()
+
+        cursor.execute(query, params)
+        spans_list = self.memory_exporter.get_finished_spans()
+        self.assertEqual(len(spans_list), 1)
+        self.assertEqual(spans_list[0].name, "SELECT")
+        assert spans_list[0].attributes is not None
+        self.assertEqual(spans_list[0].attributes["db.statement"], query)
+        self.assertEqual(
+            spans_list[0].attributes["db.statement.parameters"],
+            str(params)
+        )
+
     # pylint: disable=unused-argument
     def test_not_recording(self):
         mock_tracer = mock.Mock()
@@ -473,6 +492,25 @@ async def test_span_name_async(self):
         self.assertEqual(spans_list[4].name, "query")
         self.assertEqual(spans_list[5].name, "query")
 
+    async def test_span_params_attribute(self):
+        PsycopgInstrumentor().instrument(capture_parameters=True)
+        cnx = await psycopg.AsyncConnection.connect("test")
+        query = "SELECT * FROM mytable WHERE myparam1 = %s AND myparam2 = %s"
+        params = ("test", 42)
+        async with cnx.cursor() as cursor:
+
+            await cursor.execute(query, params)
+
+        spans_list = self.memory_exporter.get_finished_spans()
+        self.assertEqual(len(spans_list), 1)
+        self.assertEqual(spans_list[0].name, "SELECT")
+        assert spans_list[0].attributes is not None
+        self.assertEqual(spans_list[0].attributes["db.statement"], query)
+        self.assertEqual(
+            spans_list[0].attributes["db.statement.parameters"],
+            str(params)
+        )
+
     # pylint: disable=unused-argument
     async def test_not_recording_async(self):
         mock_tracer = mock.Mock()