diff --git a/backend/src/v2/compiler/argocompiler/argo.go b/backend/src/v2/compiler/argocompiler/argo.go
index a5cfed5faef..1f1c19ed3ec 100644
--- a/backend/src/v2/compiler/argocompiler/argo.go
+++ b/backend/src/v2/compiler/argocompiler/argo.go
@@ -15,12 +15,16 @@
 package argocompiler
 
 import (
+	"crypto/sha256"
+	"encoding/hex"
+	"encoding/json"
 	"fmt"
 	"strings"
 
 	wfapi "github.com/argoproj/argo-workflows/v3/pkg/apis/workflow/v1alpha1"
 	"github.com/kubeflow/pipelines/api/v2alpha1/go/pipelinespec"
 	"github.com/kubeflow/pipelines/backend/src/v2/compiler"
+	log "github.com/sirupsen/logrus"
 	"google.golang.org/protobuf/proto"
 	"google.golang.org/protobuf/types/known/structpb"
 	k8score "k8s.io/api/core/v1"
@@ -63,7 +67,7 @@ func Compile(jobArg *pipelinespec.PipelineJob, kubernetesSpecArg *pipelinespec.S
 	if err != nil {
 		return nil, err
 	}
-	// fill root component default paramters to PipelineJob
+	// fill root component default parameters to PipelineJob
 	specParams := spec.GetRoot().GetInputDefinitions().GetParameters()
 	for name, param := range specParams {
 		_, ok := job.RuntimeConfig.ParameterValues[name]
@@ -108,6 +112,9 @@ func Compile(jobArg *pipelinespec.PipelineJob, kubernetesSpecArg *pipelinespec.S
 					"pipelines.kubeflow.org/v2_component": "true",
 				},
 			},
+			Arguments: wfapi.Arguments{
+				Parameters: []wfapi.Parameter{},
+			},
 			ServiceAccountName: "pipeline-runner",
 			Entrypoint:         tmplEntrypoint,
 		},
@@ -180,69 +187,134 @@ func (c *workflowCompiler) templateName(componentName string) string {
 	return componentName
 }
 
-// WIP: store component spec, task spec and executor spec in annotations
-
 const (
-	annotationComponents     = "pipelines.kubeflow.org/components-"
-	annotationContainers     = "pipelines.kubeflow.org/implementations-"
-	annotationKubernetesSpec = "pipelines.kubeflow.org/kubernetes-"
+	argumentsComponents     = "components-"
+	argumentsContainers     = "implementations-"
+	argumentsKubernetesSpec = "kubernetes-"
 )
 
 func (c *workflowCompiler) saveComponentSpec(name string, spec *pipelinespec.ComponentSpec) error {
-	return c.saveProtoToAnnotation(annotationComponents+name, spec)
+	hashedComponent := c.hashComponentContainer(name)
+
+	return c.saveProtoToArguments(argumentsComponents+hashedComponent, spec)
 }
 
 // useComponentSpec returns a placeholder we can refer to the component spec
 // in argo workflow fields.
 func (c *workflowCompiler) useComponentSpec(name string) (string, error) {
-	return c.annotationPlaceholder(annotationComponents + name)
+	hashedComponent := c.hashComponentContainer(name)
+
+	return c.argumentsPlaceholder(argumentsComponents + hashedComponent)
 }
 
 func (c *workflowCompiler) saveComponentImpl(name string, msg proto.Message) error {
-	return c.saveProtoToAnnotation(annotationContainers+name, msg)
+	hashedComponent := c.hashComponentContainer(name)
+
+	return c.saveProtoToArguments(argumentsContainers+hashedComponent, msg)
 }
 
 func (c *workflowCompiler) useComponentImpl(name string) (string, error) {
-	return c.annotationPlaceholder(annotationContainers + name)
+	hashedComponent := c.hashComponentContainer(name)
+
+	return c.argumentsPlaceholder(argumentsContainers + hashedComponent)
 }
 
 func (c *workflowCompiler) saveKubernetesSpec(name string, spec *structpb.Struct) error {
-	return c.saveProtoToAnnotation(annotationKubernetesSpec+name, spec)
+	return c.saveProtoToArguments(argumentsKubernetesSpec+name, spec)
 }
 
 func (c *workflowCompiler) useKubernetesImpl(name string) (string, error) {
-	return c.annotationPlaceholder(annotationKubernetesSpec + name)
+	return c.argumentsPlaceholder(argumentsKubernetesSpec + name)
 }
 
-// TODO(Bobgy): sanitize component name
-func (c *workflowCompiler) saveProtoToAnnotation(name string, msg proto.Message) error {
+// saveProtoToArguments saves a proto message to the workflow arguments. The
+// message is serialized to JSON and stored in the workflow arguments and then
+// referenced by the workflow templates using AWF templating syntax. The reason
+// for storing it in the workflow arguments is because there is a 1-many
+// relationship between components and tasks that reference them. The workflow
+// arguments allow us to deduplicate the component logic (implementation & spec
+// in IR), significantly reducing the size of the argo workflow manifest.
+func (c *workflowCompiler) saveProtoToArguments(componentName string, msg proto.Message) error {
 	if c == nil {
 		return fmt.Errorf("compiler is nil")
 	}
-	if c.wf.Annotations == nil {
-		c.wf.Annotations = make(map[string]string)
+	if c.wf.Spec.Arguments.Parameters == nil {
+		c.wf.Spec.Arguments = wfapi.Arguments{Parameters: []wfapi.Parameter{}}
 	}
-	if _, alreadyExists := c.wf.Annotations[name]; alreadyExists {
-		return fmt.Errorf("annotation %q already exists", name)
+	if c.wf.Spec.Arguments.GetParameterByName(componentName) != nil {
+		return nil
 	}
 	json, err := stablyMarshalJSON(msg)
 	if err != nil {
-		return fmt.Errorf("saving component spec of %q to annotations: %w", name, err)
+		return fmt.Errorf("saving component spec of %q to arguments: %w", componentName, err)
 	}
-	// TODO(Bobgy): verify name adheres to Kubernetes annotation restrictions: https://kubernetes.io/docs/concepts/overview/working-with-objects/annotations/#syntax-and-character-set
-	c.wf.Annotations[name] = json
+	c.wf.Spec.Arguments.Parameters = append(c.wf.Spec.Arguments.Parameters, wfapi.Parameter{
+		Name:  componentName,
+		Value: wfapi.AnyStringPtr(json),
+	})
 	return nil
 }
 
-func (c *workflowCompiler) annotationPlaceholder(name string) (string, error) {
+// argumentsPlaceholder checks for the unique component name within the workflow
+// arguments and returns a template tag that references the component in the
+// workflow arguments.
+func (c *workflowCompiler) argumentsPlaceholder(componentName string) (string, error) {
 	if c == nil {
 		return "", fmt.Errorf("compiler is nil")
 	}
-	if _, exists := c.wf.Annotations[name]; !exists {
-		return "", fmt.Errorf("using component spec: failed to find annotation %q", name)
+	if c.wf.Spec.Arguments.GetParameterByName(componentName) == nil {
+		return "", fmt.Errorf("using component spec: failed to find workflow parameter %q", componentName)
+	}
+
+	return workflowParameter(componentName), nil
+}
+
+// hashComponentContainer serializes and hashes the container field of a given
+// component.
+func (c *workflowCompiler) hashComponentContainer(componentName string) string {
+	log.Debug("componentName: ", componentName)
+	// Return early for root component since it has no command and args.
+	if componentName == "root" {
+		return componentName
 	}
-	// Reference: https://argoproj.github.io/argo-workflows/variables/
-	return fmt.Sprintf("{{workflow.annotations.%s}}", name), nil
+	if c.executors != nil { // Don't bother if there are no executors in the pipeline spec.
+		// Look up the executorLabel for the component in question.
+		executorLabel := c.spec.Components[componentName].GetExecutorLabel()
+		log.Debug("executorLabel: ", executorLabel)
+		// Iterate through the list of executors.
+		for executorName, executorValue := range c.executors {
+			log.Debug("executorName: ", executorName)
+			// If one of them matches the executorLabel we extracted earlier...
+			if executorName == executorLabel {
+				// Get the corresponding container.
+				container := executorValue.GetContainer()
+				if container != nil {
+					containerHash, err := hashValue(container)
+					if err != nil {
+						// Do not bubble up since this is not a breaking error
+						// and we can just return the componentName in full.
+						log.Debug("Error hashing container: ", err)
+					}
+
+					return containerHash
+				}
+			}
+		}
+	}
+
+	return componentName
+}
+
+// hashValue serializes and hashes a provided value.
+func hashValue(value interface{}) (string, error) {
+	bytes, err := json.Marshal(value)
+	if err != nil {
+		return "", err
+	}
+	h := sha256.New()
+	h.Write([]byte(bytes))
+
+	return hex.EncodeToString(h.Sum(nil)), nil
 }
 
 const (
diff --git a/backend/src/v2/compiler/argocompiler/container.go b/backend/src/v2/compiler/argocompiler/container.go
index 14ed4f70679..b04adc58f8a 100644
--- a/backend/src/v2/compiler/argocompiler/container.go
+++ b/backend/src/v2/compiler/argocompiler/container.go
@@ -358,9 +358,11 @@ func (c *workflowCompiler) addContainerExecutorTemplate(refName string) string {
 		},
 	}
 	// Update pod metadata if it defined in the Kubernetes Spec
-	if kubernetesConfigString, ok := c.wf.Annotations[annotationKubernetesSpec+refName]; ok {
+	kubernetesConfigParam := c.wf.Spec.Arguments.GetParameterByName(argumentsKubernetesSpec + refName)
+
+	if kubernetesConfigParam != nil {
 		k8sExecCfg := &kubernetesplatform.KubernetesExecutorConfig{}
-		if err := jsonpb.UnmarshalString(kubernetesConfigString, k8sExecCfg); err == nil {
+		if err := jsonpb.UnmarshalString(string(*kubernetesConfigParam.Value), k8sExecCfg); err == nil {
 			extendPodMetadata(&executor.Metadata, k8sExecCfg)
 		}
 	}
diff --git a/backend/src/v2/compiler/argocompiler/testdata/create_mount_delete_dynamic_pvc.yaml b/backend/src/v2/compiler/argocompiler/testdata/create_mount_delete_dynamic_pvc.yaml
index e3b427d2455..7a5565595ed 100644
--- a/backend/src/v2/compiler/argocompiler/testdata/create_mount_delete_dynamic_pvc.yaml
+++ b/backend/src/v2/compiler/argocompiler/testdata/create_mount_delete_dynamic_pvc.yaml
@@ -1,36 +1,36 @@
 apiVersion: argoproj.io/v1alpha1
 kind: Workflow
 metadata:
-  annotations:
-    pipelines.kubeflow.org/components-comp-comp: '{"executorLabel":"exec-comp"}'
-    pipelines.kubeflow.org/components-comp-comp-2: '{"executorLabel":"exec-comp-2"}'
-    pipelines.kubeflow.org/components-comp-createpvc: '{"executorLabel":"exec-createpvc","inputDefinitions":{"parameters":{"access_modes":{"parameterType":"LIST"},"annotations":{"isOptional":true,"parameterType":"STRUCT"},"pvc_name":{"isOptional":true,"parameterType":"STRING"},"pvc_name_suffix":{"isOptional":true,"parameterType":"STRING"},"size":{"parameterType":"STRING"},"storage_class_name":{"defaultValue":"","isOptional":true,"parameterType":"STRING"},"volume_name":{"isOptional":true,"parameterType":"STRING"}}},"outputDefinitions":{"parameters":{"name":{"parameterType":"STRING"}}}}'
-    pipelines.kubeflow.org/components-comp-deletepvc: '{"executorLabel":"exec-deletepvc","inputDefinitions":{"parameters":{"pvc_name":{"parameterType":"STRING"}}}}'
-    pipelines.kubeflow.org/components-root: '{"dag":{"tasks":{"comp":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-comp"},"dependentTasks":["createpvc"],"taskInfo":{"name":"comp"}},"comp-2":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-comp-2"},"dependentTasks":["comp","createpvc"],"taskInfo":{"name":"comp-2"}},"createpvc":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-createpvc"},"inputs":{"parameters":{"access_modes":{"runtimeValue":{"constant":["ReadWriteOnce"]}},"pvc_name_suffix":{"runtimeValue":{"constant":"-my-pvc"}},"size":{"runtimeValue":{"constant":"5Gi"}},"storage_class_name":{"runtimeValue":{"constant":"standard"}}}},"taskInfo":{"name":"createpvc"}},"deletepvc":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-deletepvc"},"dependentTasks":["comp-2","createpvc"],"inputs":{"parameters":{"pvc_name":{"taskOutputParameter":{"outputParameterKey":"name","producerTask":"createpvc"}}}},"taskInfo":{"name":"deletepvc"}}}}}'
-    pipelines.kubeflow.org/implementations-comp-comp: '{"args":["--executor_input","{{$}}","--function_to_execute","comp"],"command":["sh","-c","\nif
-      ! [ -x \"$(command -v pip)\" ]; then\n    python3 -m ensurepip || python3 -m
-      ensurepip --user || apt-get install python3-pip\nfi\n\nPIP_DISABLE_PIP_VERSION_CHECK=1
-      python3 -m pip install --quiet     --no-warn-script-location ''kfp==2.0.0-beta.16''
-      \u0026\u0026 \"$0\" \"$@\"\n","sh","-ec","program_path=$(mktemp -d) printf \"%s\"
-      \"$0\" \u003e \"$program_path/ephemeral_component.py\" python3 -m kfp.components.executor_main                         --component_module_path                         \"$program_path/ephemeral_component.py\"                         \"$@\"
-      ","\nimport kfp\nfrom kfp import dsl\nfrom kfp.dsl import *\nfrom typing import
-      *\n\ndef comp():\n    pass\n\n"],"image":"python:3.7"}'
-    pipelines.kubeflow.org/implementations-comp-comp-2: '{"args":["--executor_input","{{$}}","--function_to_execute","comp"],"command":["sh","-c","\nif
-      ! [ -x \"$(command -v pip)\" ]; then\n    python3 -m ensurepip || python3 -m
-      ensurepip --user || apt-get install python3-pip\nfi\n\nPIP_DISABLE_PIP_VERSION_CHECK=1
-      python3 -m pip install --quiet     --no-warn-script-location ''kfp==2.0.0-beta.16''
-      \u0026\u0026 \"$0\" \"$@\"\n","sh","-ec","program_path=$(mktemp -d) printf \"%s\"
-      \"$0\" \u003e \"$program_path/ephemeral_component.py\" python3 -m kfp.components.executor_main                         --component_module_path                         \"$program_path/ephemeral_component.py\"                         \"$@\"
-      ","\nimport kfp\nfrom kfp import dsl\nfrom kfp.dsl import *\nfrom typing import
-      *\n\ndef comp():\n    pass\n\n"],"image":"python:3.7"}'
-    pipelines.kubeflow.org/implementations-comp-createpvc: '{"image":"argostub/createpvc"}'
-    pipelines.kubeflow.org/implementations-comp-deletepvc: '{"image":"argostub/deletepvc"}'
-    pipelines.kubeflow.org/kubernetes-comp-comp: '{"pvcMount":[{"mountPath":"/data","taskOutputParameter":{"outputParameterKey":"name","producerTask":"createpvc"}}]}'
-    pipelines.kubeflow.org/kubernetes-comp-comp-2: '{"pvcMount":[{"mountPath":"/reused_data","taskOutputParameter":{"outputParameterKey":"name","producerTask":"createpvc"}}]}'
   creationTimestamp: null
   generateName: my-pipeline-
 spec:
-  arguments: {}
+  arguments:
+    parameters:
+    - name: kubernetes-comp-comp
+      value: '{"pvcMount":[{"mountPath":"/data","taskOutputParameter":{"outputParameterKey":"name","producerTask":"createpvc"}}]}'
+    - name: components-95f802401136aebf1bf728a6675d7adba5513b53673a3698e00a6d8744638080
+      value: '{"executorLabel":"exec-comp"}'
+    - name: implementations-95f802401136aebf1bf728a6675d7adba5513b53673a3698e00a6d8744638080
+      value: '{"args":["--executor_input","{{$}}","--function_to_execute","comp"],"command":["sh","-c","\nif
+        ! [ -x \"$(command -v pip)\" ]; then\n    python3 -m ensurepip || python3
+        -m ensurepip --user || apt-get install python3-pip\nfi\n\nPIP_DISABLE_PIP_VERSION_CHECK=1
+        python3 -m pip install --quiet     --no-warn-script-location ''kfp==2.0.0-beta.16''
+        \u0026\u0026 \"$0\" \"$@\"\n","sh","-ec","program_path=$(mktemp -d) printf
+        \"%s\" \"$0\" \u003e \"$program_path/ephemeral_component.py\" python3 -m kfp.components.executor_main                         --component_module_path                         \"$program_path/ephemeral_component.py\"                         \"$@\"
+        ","\nimport kfp\nfrom kfp import dsl\nfrom kfp.dsl import *\nfrom typing import
+        *\n\ndef comp():\n    pass\n\n"],"image":"python:3.7"}'
+    - name: kubernetes-comp-comp-2
+      value: '{"pvcMount":[{"mountPath":"/reused_data","taskOutputParameter":{"outputParameterKey":"name","producerTask":"createpvc"}}]}'
+    - name: components-98f254581598234b59377784d6cbf209de79e0bcda8013fe4c4397b5d3a26767
+      value: '{"executorLabel":"exec-createpvc","inputDefinitions":{"parameters":{"access_modes":{"parameterType":"LIST"},"annotations":{"isOptional":true,"parameterType":"STRUCT"},"pvc_name":{"isOptional":true,"parameterType":"STRING"},"pvc_name_suffix":{"isOptional":true,"parameterType":"STRING"},"size":{"parameterType":"STRING"},"storage_class_name":{"defaultValue":"","isOptional":true,"parameterType":"STRING"},"volume_name":{"isOptional":true,"parameterType":"STRING"}}},"outputDefinitions":{"parameters":{"name":{"parameterType":"STRING"}}}}'
+    - name: implementations-98f254581598234b59377784d6cbf209de79e0bcda8013fe4c4397b5d3a26767
+      value: '{"image":"argostub/createpvc"}'
+    - name: components-ecfc655dce17b0d317707d37fc226fb7de858cc93d45916945122484a13ef725
+      value: '{"executorLabel":"exec-deletepvc","inputDefinitions":{"parameters":{"pvc_name":{"parameterType":"STRING"}}}}'
+    - name: implementations-ecfc655dce17b0d317707d37fc226fb7de858cc93d45916945122484a13ef725
+      value: '{"image":"argostub/deletepvc"}'
+    - name: components-root
+      value: '{"dag":{"tasks":{"comp":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-comp"},"dependentTasks":["createpvc"],"taskInfo":{"name":"comp"}},"comp-2":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-comp-2"},"dependentTasks":["comp","createpvc"],"taskInfo":{"name":"comp-2"}},"createpvc":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-createpvc"},"inputs":{"parameters":{"access_modes":{"runtimeValue":{"constant":["ReadWriteOnce"]}},"pvc_name_suffix":{"runtimeValue":{"constant":"-my-pvc"}},"size":{"runtimeValue":{"constant":"5Gi"}},"storage_class_name":{"runtimeValue":{"constant":"standard"}}}},"taskInfo":{"name":"createpvc"}},"deletepvc":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-deletepvc"},"dependentTasks":["comp-2","createpvc"],"inputs":{"parameters":{"pvc_name":{"taskOutputParameter":{"outputParameterKey":"name","producerTask":"createpvc"}}}},"taskInfo":{"name":"deletepvc"}}}}}'
   entrypoint: entrypoint
   podMetadata:
     annotations:
@@ -180,32 +180,32 @@ spec:
     volumes:
     - emptyDir: {}
       name: kfp-launcher
-    - emptyDir: { }
+    - emptyDir: {}
       name: gcs-scratch
-    - emptyDir: { }
+    - emptyDir: {}
       name: s3-scratch
-    - emptyDir: { }
+    - emptyDir: {}
       name: minio-scratch
-    - emptyDir: { }
+    - emptyDir: {}
       name: dot-local-scratch
-    - emptyDir: { }
+    - emptyDir: {}
       name: dot-cache-scratch
-    - emptyDir: { }
+    - emptyDir: {}
       name: dot-config-scratch
   - dag:
       tasks:
       - arguments:
           parameters:
           - name: component
-            value: '{{workflow.annotations.pipelines.kubeflow.org/components-comp-comp}}'
+            value: '{{workflow.parameters.components-95f802401136aebf1bf728a6675d7adba5513b53673a3698e00a6d8744638080}}'
           - name: task
             value: '{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-comp"},"dependentTasks":["createpvc"],"taskInfo":{"name":"comp"}}'
           - name: container
-            value: '{{workflow.annotations.pipelines.kubeflow.org/implementations-comp-comp}}'
+            value: '{{workflow.parameters.implementations-95f802401136aebf1bf728a6675d7adba5513b53673a3698e00a6d8744638080}}'
           - name: parent-dag-id
             value: '{{inputs.parameters.parent-dag-id}}'
           - name: kubernetes-config
-            value: '{{workflow.annotations.pipelines.kubeflow.org/kubernetes-comp-comp}}'
+            value: '{{workflow.parameters.kubernetes-comp-comp}}'
         depends: createpvc.Succeeded
         name: comp-driver
         template: system-container-driver
@@ -222,15 +222,15 @@ spec:
       - arguments:
           parameters:
           - name: component
-            value: '{{workflow.annotations.pipelines.kubeflow.org/components-comp-comp-2}}'
+            value: '{{workflow.parameters.components-95f802401136aebf1bf728a6675d7adba5513b53673a3698e00a6d8744638080}}'
           - name: task
             value: '{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-comp-2"},"dependentTasks":["comp","createpvc"],"taskInfo":{"name":"comp-2"}}'
           - name: container
-            value: '{{workflow.annotations.pipelines.kubeflow.org/implementations-comp-comp-2}}'
+            value: '{{workflow.parameters.implementations-95f802401136aebf1bf728a6675d7adba5513b53673a3698e00a6d8744638080}}'
           - name: parent-dag-id
             value: '{{inputs.parameters.parent-dag-id}}'
           - name: kubernetes-config
-            value: '{{workflow.annotations.pipelines.kubeflow.org/kubernetes-comp-comp-2}}'
+            value: '{{workflow.parameters.kubernetes-comp-comp-2}}'
         depends: comp.Succeeded && createpvc.Succeeded
         name: comp-2-driver
         template: system-container-driver
@@ -247,11 +247,11 @@ spec:
       - arguments:
           parameters:
           - name: component
-            value: '{{workflow.annotations.pipelines.kubeflow.org/components-comp-createpvc}}'
+            value: '{{workflow.parameters.components-98f254581598234b59377784d6cbf209de79e0bcda8013fe4c4397b5d3a26767}}'
           - name: task
             value: '{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-createpvc"},"inputs":{"parameters":{"access_modes":{"runtimeValue":{"constant":["ReadWriteOnce"]}},"pvc_name_suffix":{"runtimeValue":{"constant":"-my-pvc"}},"size":{"runtimeValue":{"constant":"5Gi"}},"storage_class_name":{"runtimeValue":{"constant":"standard"}}}},"taskInfo":{"name":"createpvc"}}'
           - name: container
-            value: '{{workflow.annotations.pipelines.kubeflow.org/implementations-comp-createpvc}}'
+            value: '{{workflow.parameters.implementations-98f254581598234b59377784d6cbf209de79e0bcda8013fe4c4397b5d3a26767}}'
           - name: parent-dag-id
             value: '{{inputs.parameters.parent-dag-id}}'
         name: createpvc
@@ -259,11 +259,11 @@ spec:
       - arguments:
           parameters:
           - name: component
-            value: '{{workflow.annotations.pipelines.kubeflow.org/components-comp-deletepvc}}'
+            value: '{{workflow.parameters.components-ecfc655dce17b0d317707d37fc226fb7de858cc93d45916945122484a13ef725}}'
           - name: task
             value: '{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-deletepvc"},"dependentTasks":["comp-2","createpvc"],"inputs":{"parameters":{"pvc_name":{"taskOutputParameter":{"outputParameterKey":"name","producerTask":"createpvc"}}}},"taskInfo":{"name":"deletepvc"}}'
           - name: container
-            value: '{{workflow.annotations.pipelines.kubeflow.org/implementations-comp-deletepvc}}'
+            value: '{{workflow.parameters.implementations-ecfc655dce17b0d317707d37fc226fb7de858cc93d45916945122484a13ef725}}'
           - name: parent-dag-id
             value: '{{inputs.parameters.parent-dag-id}}'
         depends: comp-2.Succeeded && createpvc.Succeeded
@@ -343,7 +343,7 @@ spec:
       - arguments:
           parameters:
           - name: component
-            value: '{{workflow.annotations.pipelines.kubeflow.org/components-root}}'
+            value: '{{workflow.parameters.components-root}}'
           - name: runtime-config
             value: '{}'
           - name: driver-type
diff --git a/backend/src/v2/compiler/argocompiler/testdata/create_pod_metadata.yaml b/backend/src/v2/compiler/argocompiler/testdata/create_pod_metadata.yaml
index 450aed6aeca..67308ba33dd 100644
--- a/backend/src/v2/compiler/argocompiler/testdata/create_pod_metadata.yaml
+++ b/backend/src/v2/compiler/argocompiler/testdata/create_pod_metadata.yaml
@@ -1,20 +1,24 @@
 apiVersion: argoproj.io/v1alpha1
 kind: Workflow
 metadata:
-  annotations:
-    pipelines.kubeflow.org/components-comp-hello-world: '{"executorLabel":"exec-hello-world","inputDefinitions":{"parameters":{"text":{"type":"STRING"}}}}'
-    pipelines.kubeflow.org/components-root: '{"dag":{"tasks":{"hello-world":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-hello-world"},"inputs":{"parameters":{"text":{"componentInputParameter":"text"}}},"taskInfo":{"name":"hello-world"}}}},"inputDefinitions":{"parameters":{"text":{"type":"STRING"}}}}'
-    pipelines.kubeflow.org/implementations-comp-hello-world: '{"args":["--text","{{$.inputs.parameters[''text'']}}"],"command":["sh","-ec","program_path=$(mktemp)\nprintf
-      \"%s\" \"$0\" \u003e \"$program_path\"\npython3 -u \"$program_path\" \"$@\"\n","def
-      hello_world(text):\n    print(text)\n    return text\n\nimport argparse\n_parser
-      = argparse.ArgumentParser(prog=''Hello world'', description='''')\n_parser.add_argument(\"--text\",
-      dest=\"text\", type=str, required=True, default=argparse.SUPPRESS)\n_parsed_args
-      = vars(_parser.parse_args())\n\n_outputs = hello_world(**_parsed_args)\n"],"image":"python:3.7"}'
-    pipelines.kubeflow.org/kubernetes-comp-hello-world: '{"podMetadata":{"annotations":{"experiment_id":"234567","run_id":"123456"},"labels":{"kubeflow.com/common":"test","kubeflow.com/kfp":"pipeline-node"}}}'
   creationTimestamp: null
   generateName: hello-world-
 spec:
-  arguments: {}
+  arguments:
+    parameters:
+    - name: kubernetes-comp-hello-world
+      value: '{"podMetadata":{"annotations":{"experiment_id":"234567","run_id":"123456"},"labels":{"kubeflow.com/common":"test","kubeflow.com/kfp":"pipeline-node"}}}'
+    - name: components-34e222d692a0573c88000b8cb02ad24423491a53e061e9bba36d3718dd4c3390
+      value: '{"executorLabel":"exec-hello-world","inputDefinitions":{"parameters":{"text":{"type":"STRING"}}}}'
+    - name: implementations-34e222d692a0573c88000b8cb02ad24423491a53e061e9bba36d3718dd4c3390
+      value: '{"args":["--text","{{$.inputs.parameters[''text'']}}"],"command":["sh","-ec","program_path=$(mktemp)\nprintf
+        \"%s\" \"$0\" \u003e \"$program_path\"\npython3 -u \"$program_path\" \"$@\"\n","def
+        hello_world(text):\n    print(text)\n    return text\n\nimport argparse\n_parser
+        = argparse.ArgumentParser(prog=''Hello world'', description='''')\n_parser.add_argument(\"--text\",
+        dest=\"text\", type=str, required=True, default=argparse.SUPPRESS)\n_parsed_args
+        = vars(_parser.parse_args())\n\n_outputs = hello_world(**_parsed_args)\n"],"image":"python:3.7"}'
+    - name: components-root
+      value: '{"dag":{"tasks":{"hello-world":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-hello-world"},"inputs":{"parameters":{"text":{"componentInputParameter":"text"}}},"taskInfo":{"name":"hello-world"}}}},"inputDefinitions":{"parameters":{"text":{"type":"STRING"}}}}'
   entrypoint: entrypoint
   podMetadata:
     annotations:
@@ -124,20 +128,20 @@ spec:
       name: ""
       resources: {}
       volumeMounts:
-        - mountPath: /kfp-launcher
-          name: kfp-launcher
-        - mountPath: /gcs
-          name: gcs-scratch
-        - mountPath: /s3
-          name: s3-scratch
-        - mountPath: /minio
-          name: minio-scratch
-        - mountPath: /.local
-          name: dot-local-scratch
-        - mountPath: /.cache
-          name: dot-cache-scratch
-        - mountPath: /.config
-          name: dot-config-scratch
+      - mountPath: /kfp-launcher
+        name: kfp-launcher
+      - mountPath: /gcs
+        name: gcs-scratch
+      - mountPath: /s3
+        name: s3-scratch
+      - mountPath: /minio
+        name: minio-scratch
+      - mountPath: /.local
+        name: dot-local-scratch
+      - mountPath: /.cache
+        name: dot-cache-scratch
+      - mountPath: /.config
+        name: dot-config-scratch
     initContainers:
     - command:
       - launcher-v2
@@ -168,34 +172,34 @@ spec:
     outputs: {}
     podSpecPatch: '{{inputs.parameters.pod-spec-patch}}'
     volumes:
-      - emptyDir: {}
-        name: kfp-launcher
-      - emptyDir: { }
-        name: gcs-scratch
-      - emptyDir: { }
-        name: s3-scratch
-      - emptyDir: { }
-        name: minio-scratch
-      - emptyDir: { }
-        name: dot-local-scratch
-      - emptyDir: { }
-        name: dot-cache-scratch
-      - emptyDir: { }
-        name: dot-config-scratch
+    - emptyDir: {}
+      name: kfp-launcher
+    - emptyDir: {}
+      name: gcs-scratch
+    - emptyDir: {}
+      name: s3-scratch
+    - emptyDir: {}
+      name: minio-scratch
+    - emptyDir: {}
+      name: dot-local-scratch
+    - emptyDir: {}
+      name: dot-cache-scratch
+    - emptyDir: {}
+      name: dot-config-scratch
   - dag:
       tasks:
       - arguments:
           parameters:
           - name: component
-            value: '{{workflow.annotations.pipelines.kubeflow.org/components-comp-hello-world}}'
+            value: '{{workflow.parameters.components-34e222d692a0573c88000b8cb02ad24423491a53e061e9bba36d3718dd4c3390}}'
           - name: task
             value: '{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-hello-world"},"inputs":{"parameters":{"text":{"componentInputParameter":"text"}}},"taskInfo":{"name":"hello-world"}}'
           - name: container
-            value: '{{workflow.annotations.pipelines.kubeflow.org/implementations-comp-hello-world}}'
+            value: '{{workflow.parameters.implementations-34e222d692a0573c88000b8cb02ad24423491a53e061e9bba36d3718dd4c3390}}'
           - name: parent-dag-id
             value: '{{inputs.parameters.parent-dag-id}}'
           - name: kubernetes-config
-            value: '{{workflow.annotations.pipelines.kubeflow.org/kubernetes-comp-hello-world}}'
+            value: '{{workflow.parameters.kubernetes-comp-hello-world}}'
         name: hello-world-driver
         template: system-container-driver
       - arguments:
@@ -282,7 +286,7 @@ spec:
       - arguments:
           parameters:
           - name: component
-            value: '{{workflow.annotations.pipelines.kubeflow.org/components-root}}'
+            value: '{{workflow.parameters.components-root}}'
           - name: runtime-config
             value: '{"parameters":{"text":{"stringValue":"hi there"}}}'
           - name: driver-type
diff --git a/backend/src/v2/compiler/argocompiler/testdata/hello_world.yaml b/backend/src/v2/compiler/argocompiler/testdata/hello_world.yaml
index 5685ece5de5..6bc59366d8d 100644
--- a/backend/src/v2/compiler/argocompiler/testdata/hello_world.yaml
+++ b/backend/src/v2/compiler/argocompiler/testdata/hello_world.yaml
@@ -1,19 +1,22 @@
 apiVersion: argoproj.io/v1alpha1
 kind: Workflow
 metadata:
-  annotations:
-    pipelines.kubeflow.org/components-comp-hello-world: '{"executorLabel":"exec-hello-world","inputDefinitions":{"parameters":{"text":{"type":"STRING"}}}}'
-    pipelines.kubeflow.org/components-root: '{"dag":{"tasks":{"hello-world":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-hello-world"},"inputs":{"parameters":{"text":{"componentInputParameter":"text"}}},"taskInfo":{"name":"hello-world"}}}},"inputDefinitions":{"parameters":{"text":{"type":"STRING"}}}}'
-    pipelines.kubeflow.org/implementations-comp-hello-world: '{"args":["--text","{{$.inputs.parameters[''text'']}}"],"command":["sh","-ec","program_path=$(mktemp)\nprintf
-      \"%s\" \"$0\" \u003e \"$program_path\"\npython3 -u \"$program_path\" \"$@\"\n","def
-      hello_world(text):\n    print(text)\n    return text\n\nimport argparse\n_parser
-      = argparse.ArgumentParser(prog=''Hello world'', description='''')\n_parser.add_argument(\"--text\",
-      dest=\"text\", type=str, required=True, default=argparse.SUPPRESS)\n_parsed_args
-      = vars(_parser.parse_args())\n\n_outputs = hello_world(**_parsed_args)\n"],"image":"python:3.7"}'
   creationTimestamp: null
   generateName: hello-world-
 spec:
-  arguments: {}
+  arguments:
+    parameters:
+    - name: components-34e222d692a0573c88000b8cb02ad24423491a53e061e9bba36d3718dd4c3390
+      value: '{"executorLabel":"exec-hello-world","inputDefinitions":{"parameters":{"text":{"type":"STRING"}}}}'
+    - name: implementations-34e222d692a0573c88000b8cb02ad24423491a53e061e9bba36d3718dd4c3390
+      value: '{"args":["--text","{{$.inputs.parameters[''text'']}}"],"command":["sh","-ec","program_path=$(mktemp)\nprintf
+        \"%s\" \"$0\" \u003e \"$program_path\"\npython3 -u \"$program_path\" \"$@\"\n","def
+        hello_world(text):\n    print(text)\n    return text\n\nimport argparse\n_parser
+        = argparse.ArgumentParser(prog=''Hello world'', description='''')\n_parser.add_argument(\"--text\",
+        dest=\"text\", type=str, required=True, default=argparse.SUPPRESS)\n_parsed_args
+        = vars(_parser.parse_args())\n\n_outputs = hello_world(**_parsed_args)\n"],"image":"python:3.7"}'
+    - name: components-root
+      value: '{"dag":{"tasks":{"hello-world":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-hello-world"},"inputs":{"parameters":{"text":{"componentInputParameter":"text"}}},"taskInfo":{"name":"hello-world"}}}},"inputDefinitions":{"parameters":{"text":{"type":"STRING"}}}}'
   entrypoint: entrypoint
   podMetadata:
     annotations:
@@ -180,11 +183,11 @@ spec:
       - arguments:
           parameters:
           - name: component
-            value: '{{workflow.annotations.pipelines.kubeflow.org/components-comp-hello-world}}'
+            value: '{{workflow.parameters.components-34e222d692a0573c88000b8cb02ad24423491a53e061e9bba36d3718dd4c3390}}'
           - name: task
             value: '{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-hello-world"},"inputs":{"parameters":{"text":{"componentInputParameter":"text"}}},"taskInfo":{"name":"hello-world"}}'
           - name: container
-            value: '{{workflow.annotations.pipelines.kubeflow.org/implementations-comp-hello-world}}'
+            value: '{{workflow.parameters.implementations-34e222d692a0573c88000b8cb02ad24423491a53e061e9bba36d3718dd4c3390}}'
           - name: parent-dag-id
             value: '{{inputs.parameters.parent-dag-id}}'
         name: hello-world-driver
@@ -273,7 +276,7 @@ spec:
       - arguments:
           parameters:
           - name: component
-            value: '{{workflow.annotations.pipelines.kubeflow.org/components-root}}'
+            value: '{{workflow.parameters.components-root}}'
           - name: runtime-config
             value: '{"parameters":{"text":{"stringValue":"hi there"}}}'
           - name: driver-type
diff --git a/backend/src/v2/compiler/argocompiler/testdata/importer.yaml b/backend/src/v2/compiler/argocompiler/testdata/importer.yaml
index d0e6ef6eaae..23ec461c307 100644
--- a/backend/src/v2/compiler/argocompiler/testdata/importer.yaml
+++ b/backend/src/v2/compiler/argocompiler/testdata/importer.yaml
@@ -1,14 +1,17 @@
 apiVersion: argoproj.io/v1alpha1
 kind: Workflow
 metadata:
-  annotations:
-    pipelines.kubeflow.org/components-comp-importer: '{"executorLabel":"exec-importer","inputDefinitions":{"parameters":{"uri":{"type":"STRING"}}},"outputDefinitions":{"artifacts":{"artifact":{"artifactType":{"schemaTitle":"system.Dataset"}}}}}'
-    pipelines.kubeflow.org/components-root: '{"dag":{"tasks":{"importer":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-importer"},"inputs":{"parameters":{"uri":{"runtimeValue":{"constantValue":{"stringValue":"gs://ml-pipeline-playground/shakespeare1.txt"}}}}},"taskInfo":{"name":"importer"}}}},"inputDefinitions":{"parameters":{"dataset2":{"type":"STRING"}}}}'
-    pipelines.kubeflow.org/implementations-comp-importer: '{"artifactUri":{"constantValue":{"stringValue":"gs://ml-pipeline-playground/shakespeare1.txt"}},"typeSchema":{"schemaTitle":"system.Dataset"}}'
   creationTimestamp: null
   generateName: pipeline-with-importer-
 spec:
-  arguments: {}
+  arguments:
+    parameters:
+    - name: components-comp-importer
+      value: '{"executorLabel":"exec-importer","inputDefinitions":{"parameters":{"uri":{"type":"STRING"}}},"outputDefinitions":{"artifacts":{"artifact":{"artifactType":{"schemaTitle":"system.Dataset"}}}}}'
+    - name: implementations-comp-importer
+      value: '{"artifactUri":{"constantValue":{"stringValue":"gs://ml-pipeline-playground/shakespeare1.txt"}},"typeSchema":{"schemaTitle":"system.Dataset"}}'
+    - name: components-root
+      value: '{"dag":{"tasks":{"importer":{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-importer"},"inputs":{"parameters":{"uri":{"runtimeValue":{"constantValue":{"stringValue":"gs://ml-pipeline-playground/shakespeare1.txt"}}}}},"taskInfo":{"name":"importer"}}}},"inputDefinitions":{"parameters":{"dataset2":{"type":"STRING"}}}}'
   entrypoint: entrypoint
   podMetadata:
     annotations:
@@ -81,9 +84,9 @@ spec:
           - name: task
             value: '{"cachingOptions":{"enableCache":true},"componentRef":{"name":"comp-importer"},"inputs":{"parameters":{"uri":{"runtimeValue":{"constantValue":{"stringValue":"gs://ml-pipeline-playground/shakespeare1.txt"}}}}},"taskInfo":{"name":"importer"}}'
           - name: component
-            value: '{{workflow.annotations.pipelines.kubeflow.org/components-comp-importer}}'
+            value: '{{workflow.parameters.components-comp-importer}}'
           - name: importer
-            value: '{{workflow.annotations.pipelines.kubeflow.org/implementations-comp-importer}}'
+            value: '{{workflow.parameters.implementations-comp-importer}}'
           - name: parent-dag-id
             value: '{{inputs.parameters.parent-dag-id}}'
         name: importer
@@ -162,7 +165,7 @@ spec:
       - arguments:
           parameters:
           - name: component
-            value: '{{workflow.annotations.pipelines.kubeflow.org/components-root}}'
+            value: '{{workflow.parameters.components-root}}'
           - name: runtime-config
             value: '{}'
           - name: driver-type