diff --git a/arch/arm64/kernel/perf_event.c b/arch/arm64/kernel/perf_event.c
index 57ae9d9ed9bb..199a23f058d5 100644
--- a/arch/arm64/kernel/perf_event.c
+++ b/arch/arm64/kernel/perf_event.c
@@ -871,15 +871,24 @@ static int armv8pmu_set_event_filter(struct hw_perf_event *event,
 
 	if (attr->exclude_idle)
 		return -EPERM;
-	if (is_kernel_in_hyp_mode() &&
-	    attr->exclude_kernel != attr->exclude_hv)
-		return -EINVAL;
+
+	/*
+	 * If we're running in hyp mode, then we *are* the hypervisor.
+	 * Therefore we ignore exclude_hv in this configuration, since
+	 * there's no hypervisor to sample anyway. This is consistent
+	 * with other architectures (x86 and Power).
+	 */
+	if (is_kernel_in_hyp_mode()) {
+		if (!attr->exclude_kernel)
+			config_base |= ARMV8_PMU_INCLUDE_EL2;
+	} else {
+		if (attr->exclude_kernel)
+			config_base |= ARMV8_PMU_EXCLUDE_EL1;
+		if (!attr->exclude_hv)
+			config_base |= ARMV8_PMU_INCLUDE_EL2;
+	}
 	if (attr->exclude_user)
 		config_base |= ARMV8_PMU_EXCLUDE_EL0;
-	if (!is_kernel_in_hyp_mode() && attr->exclude_kernel)
-		config_base |= ARMV8_PMU_EXCLUDE_EL1;
-	if (!attr->exclude_hv)
-		config_base |= ARMV8_PMU_INCLUDE_EL2;
 
 	/*
 	 * Install the filter into config_base as this is used to