diff --git a/esphome/components/wifi/wifi_component.cpp b/esphome/components/wifi/wifi_component.cpp
index d16c94fa13..e57bf25b8c 100644
--- a/esphome/components/wifi/wifi_component.cpp
+++ b/esphome/components/wifi/wifi_component.cpp
@@ -148,7 +148,7 @@ void WiFiComponent::loop() {
 
     switch (this->state_) {
       case WIFI_COMPONENT_STATE_COOLDOWN: {
-        this->status_set_warning("waiting to reconnect");
+        this->status_set_warning(LOG_STR("waiting to reconnect"));
         if (millis() - this->action_started_ > 5000) {
           if (this->fast_connect_ || this->retry_hidden_) {
             if (!this->selected_ap_.get_bssid().has_value())
@@ -161,13 +161,13 @@ void WiFiComponent::loop() {
         break;
       }
       case WIFI_COMPONENT_STATE_STA_SCANNING: {
-        this->status_set_warning("scanning for networks");
+        this->status_set_warning(LOG_STR("scanning for networks"));
         this->check_scanning_finished();
         break;
       }
       case WIFI_COMPONENT_STATE_STA_CONNECTING:
       case WIFI_COMPONENT_STATE_STA_CONNECTING_2: {
-        this->status_set_warning("associating to network");
+        this->status_set_warning(LOG_STR("associating to network"));
         this->check_connecting_finished();
         break;
       }
diff --git a/esphome/core/component.cpp b/esphome/core/component.cpp
index 40cda17ca3..5689a059a0 100644
--- a/esphome/core/component.cpp
+++ b/esphome/core/component.cpp
@@ -16,7 +16,7 @@
 namespace esphome {
 
 static const char *const TAG = "component";
-static const char *const UNSPECIFIED_MESSAGE = "unspecified";
+static const auto *const UNSPECIFIED_MESSAGE = LOG_STR("unspecified");
 
 // Global vectors for component data that doesn't belong in every instance.
 // Using vector instead of unordered_map for both because:
@@ -143,7 +143,7 @@ void Component::call_dump_config() {
       }
     }
     ESP_LOGE(TAG, "  %s is marked FAILED: %s", this->get_component_source(),
-             error_msg ? error_msg : UNSPECIFIED_MESSAGE);
+             error_msg ? error_msg : LOG_STR_ARG(UNSPECIFIED_MESSAGE));
   }
 }
 
@@ -280,20 +280,36 @@ bool Component::is_ready() const {
 bool Component::can_proceed() { return true; }
 bool Component::status_has_warning() const { return this->component_state_ & STATUS_LED_WARNING; }
 bool Component::status_has_error() const { return this->component_state_ & STATUS_LED_ERROR; }
-void Component::status_set_warning(const char *message) {
+
+void Component::status_set_warning_flag_() {
   // Don't spam the log. This risks missing different warning messages though.
   if ((this->component_state_ & STATUS_LED_WARNING) != 0)
     return;
   this->component_state_ |= STATUS_LED_WARNING;
   App.app_state_ |= STATUS_LED_WARNING;
-  ESP_LOGW(TAG, "%s set Warning flag: %s", this->get_component_source(), message ? message : UNSPECIFIED_MESSAGE);
 }
+
+void Component::status_set_warning(const char *message) {
+  this->status_set_warning_flag_();
+  if ((this->component_state_ & STATUS_LED_WARNING) != 0)
+    ESP_LOGW(TAG, "%s set Warning flag: %s", this->get_component_source(),
+             message ? message : LOG_STR_ARG(UNSPECIFIED_MESSAGE));
+}
+#ifdef USE_STORE_LOG_STR_IN_FLASH
+void Component::status_set_warning(const LogString *message) {
+  this->status_set_warning_flag_();
+  if ((this->component_state_ & STATUS_LED_WARNING) != 0)
+    ESP_LOGW(TAG, "%s set Warning flag: %s", this->get_component_source(),
+             message ? LOG_STR_ARG(message) : LOG_STR_ARG(UNSPECIFIED_MESSAGE));
+}
+#endif
 void Component::status_set_error(const char *message) {
   if ((this->component_state_ & STATUS_LED_ERROR) != 0)
     return;
   this->component_state_ |= STATUS_LED_ERROR;
   App.app_state_ |= STATUS_LED_ERROR;
-  ESP_LOGE(TAG, "%s set Error flag: %s", this->get_component_source(), message ? message : UNSPECIFIED_MESSAGE);
+  ESP_LOGE(TAG, "%s set Error flag: %s", this->get_component_source(),
+           message ? message : LOG_STR_ARG(UNSPECIFIED_MESSAGE));
   if (message != nullptr) {
     // Lazy allocate the error messages vector if needed
     if (!component_error_messages) {
diff --git a/esphome/core/component.h b/esphome/core/component.h
index 096c6f9c69..98a183fc21 100644
--- a/esphome/core/component.h
+++ b/esphome/core/component.h
@@ -203,6 +203,9 @@ class Component {
   bool status_has_error() const;
 
   void status_set_warning(const char *message = nullptr);
+#ifdef USE_STORE_LOG_STR_IN_FLASH
+  void status_set_warning(const LogString *message);
+#endif
 
   void status_set_error(const char *message = nullptr);
 
@@ -239,6 +242,9 @@ class Component {
   /// Helper to set component state (clears state bits and sets new state)
   void set_component_state_(uint8_t state);
 
+  /// Helper to set warning flag without duplicating logic
+  void status_set_warning_flag_();
+
   /** Set an interval function with a unique name. Empty name means no cancelling possible.
    *
    * This will call f every interval ms. Can be cancelled via CancelInterval().