diff --git a/site/src/components/RichParameterInput/RichParameterInput.stories.tsx b/site/src/components/RichParameterInput/RichParameterInput.stories.tsx
index 3ec838272e7c6..80ed2c9c8111e 100644
--- a/site/src/components/RichParameterInput/RichParameterInput.stories.tsx
+++ b/site/src/components/RichParameterInput/RichParameterInput.stories.tsx
@@ -374,3 +374,44 @@ export const SmallBasicWithDisplayName: Story = {
 		size: "small",
 	},
 };
+
+export const WithPreset: Story = {
+	args: {
+		value: "preset-value",
+		id: "project_name",
+		parameter: createTemplateVersionParameter({
+			name: "project_name",
+			description:
+				"Customize the name of a Google Cloud project that will be created!",
+		}),
+		isPreset: true,
+	},
+};
+
+export const WithPresetAndImmutable: Story = {
+	args: {
+		value: "preset-value",
+		id: "project_name",
+		parameter: createTemplateVersionParameter({
+			name: "project_name",
+			description:
+				"Customize the name of a Google Cloud project that will be created!",
+			mutable: false,
+		}),
+		isPreset: true,
+	},
+};
+
+export const WithPresetAndOptional: Story = {
+	args: {
+		value: "preset-value",
+		id: "project_name",
+		parameter: createTemplateVersionParameter({
+			name: "project_name",
+			description:
+				"Customize the name of a Google Cloud project that will be created!",
+			required: false,
+		}),
+		isPreset: true,
+	},
+};
diff --git a/site/src/components/RichParameterInput/RichParameterInput.tsx b/site/src/components/RichParameterInput/RichParameterInput.tsx
index 9919fca44b592..beaff8ca2772e 100644
--- a/site/src/components/RichParameterInput/RichParameterInput.tsx
+++ b/site/src/components/RichParameterInput/RichParameterInput.tsx
@@ -1,5 +1,6 @@
 import type { Interpolation, Theme } from "@emotion/react";
 import ErrorOutline from "@mui/icons-material/ErrorOutline";
+import SettingsIcon from "@mui/icons-material/Settings";
 import Button from "@mui/material/Button";
 import FormControlLabel from "@mui/material/FormControlLabel";
 import FormHelperText from "@mui/material/FormHelperText";
@@ -122,9 +123,10 @@ const styles = {
 
 export interface ParameterLabelProps {
 	parameter: TemplateVersionParameter;
+	isPreset?: boolean;
 }
 
-const ParameterLabel: FC<ParameterLabelProps> = ({ parameter }) => {
+const ParameterLabel: FC<ParameterLabelProps> = ({ parameter, isPreset }) => {
 	const hasDescription = parameter.description && parameter.description !== "";
 	const displayName = parameter.display_name
 		? parameter.display_name
@@ -146,6 +148,13 @@ const ParameterLabel: FC<ParameterLabelProps> = ({ parameter }) => {
 					</Pill>
 				</Tooltip>
 			)}
+			{isPreset && (
+				<Tooltip title="This value was set by a preset">
+					<Pill type="info" icon={<SettingsIcon />}>
+						Preset
+					</Pill>
+				</Tooltip>
+			)}
 		</span>
 	);
 
@@ -187,6 +196,7 @@ export type RichParameterInputProps = Omit<
 	parameterAutofill?: AutofillBuildParameter;
 	onChange: (value: string) => void;
 	size?: Size;
+	isPreset?: boolean;
 };
 
 const autofillDescription: Partial<Record<AutofillSource, ReactNode>> = {
@@ -198,6 +208,7 @@ export const RichParameterInput: FC<RichParameterInputProps> = ({
 	parameter,
 	parameterAutofill,
 	onChange,
+	isPreset,
 	...fieldProps
 }) => {
 	const autofillSource = parameterAutofill?.source;
@@ -211,7 +222,7 @@ export const RichParameterInput: FC<RichParameterInputProps> = ({
 			className={size}
 			data-testid={`parameter-field-${parameter.name}`}
 		>
-			<ParameterLabel parameter={parameter} />
+			<ParameterLabel parameter={parameter} isPreset={isPreset} />
 			<div css={{ display: "flex", flexDirection: "column" }}>
 				<RichParameterField
 					{...fieldProps}
diff --git a/site/src/pages/CreateWorkspacePage/CreateWorkspacePageView.stories.tsx b/site/src/pages/CreateWorkspacePage/CreateWorkspacePageView.stories.tsx
index a972cefd2bafe..47d1198765452 100644
--- a/site/src/pages/CreateWorkspacePage/CreateWorkspacePageView.stories.tsx
+++ b/site/src/pages/CreateWorkspacePage/CreateWorkspacePageView.stories.tsx
@@ -159,6 +159,28 @@ export const PresetSelected: Story = {
 	},
 };
 
+export const PresetSelectedWithHiddenParameters: Story = {
+	args: PresetsButNoneSelected.args,
+	play: async ({ canvasElement }) => {
+		const canvas = within(canvasElement);
+		// Select a preset
+		await userEvent.click(canvas.getByLabelText("Preset"));
+		await userEvent.click(canvas.getByText("Preset 1"));
+	},
+};
+
+export const PresetSelectedWithVisibleParameters: Story = {
+	args: PresetsButNoneSelected.args,
+	play: async ({ canvasElement }) => {
+		const canvas = within(canvasElement);
+		// Select a preset
+		await userEvent.click(canvas.getByLabelText("Preset"));
+		await userEvent.click(canvas.getByText("Preset 1"));
+		// Toggle off the show preset parameters switch
+		await userEvent.click(canvas.getByLabelText("Show preset parameters"));
+	},
+};
+
 export const PresetReselected: Story = {
 	args: PresetsButNoneSelected.args,
 	play: async ({ canvasElement }) => {
diff --git a/site/src/pages/CreateWorkspacePage/CreateWorkspacePageView.tsx b/site/src/pages/CreateWorkspacePage/CreateWorkspacePageView.tsx
index 34917fe14b058..6dab8de306a10 100644
--- a/site/src/pages/CreateWorkspacePage/CreateWorkspacePageView.tsx
+++ b/site/src/pages/CreateWorkspacePage/CreateWorkspacePageView.tsx
@@ -1,4 +1,5 @@
 import type { Interpolation, Theme } from "@emotion/react";
+import FormControlLabel from "@mui/material/FormControlLabel";
 import FormHelperText from "@mui/material/FormHelperText";
 import TextField from "@mui/material/TextField";
 import type * as TypesGen from "api/typesGenerated";
@@ -24,6 +25,7 @@ import { Pill } from "components/Pill/Pill";
 import { RichParameterInput } from "components/RichParameterInput/RichParameterInput";
 import { Spinner } from "components/Spinner/Spinner";
 import { Stack } from "components/Stack/Stack";
+import { Switch } from "components/Switch/Switch";
 import { UserAutocomplete } from "components/UserAutocomplete/UserAutocomplete";
 import { type FormikContextType, useFormik } from "formik";
 import { generateWorkspaceName } from "modules/workspaces/generateWorkspaceName";
@@ -101,6 +103,7 @@ export const CreateWorkspacePageView: FC<CreateWorkspacePageViewProps> = ({
 	const [suggestedName, setSuggestedName] = useState(() =>
 		generateWorkspaceName(),
 	);
+	const [showPresetParameters, setShowPresetParameters] = useState(false);
 
 	const rerollSuggestedName = useCallback(() => {
 		setSuggestedName(() => generateWorkspaceName());
@@ -273,33 +276,6 @@ export const CreateWorkspacePageView: FC<CreateWorkspacePageViewProps> = ({
 							</Stack>
 						)}
 
-						{presets.length > 0 && (
-							<Stack direction="column" spacing={2}>
-								<Stack direction="row" spacing={2} alignItems="center">
-									<span css={styles.description}>
-										Select a preset to get started
-									</span>
-									<FeatureStageBadge contentType={"beta"} size="md" />
-								</Stack>
-								<Stack direction="row" spacing={2}>
-									<SelectFilter
-										label="Preset"
-										options={presetOptions}
-										onSelect={(option) => {
-											const index = presetOptions.findIndex(
-												(preset) => preset.value === option?.value,
-											);
-											if (index === -1) {
-												return;
-											}
-											setSelectedPresetIndex(index);
-										}}
-										placeholder="Select a preset"
-										selectedOption={presetOptions[selectedPresetIndex]}
-									/>
-								</Stack>
-							</Stack>
-						)}
 						<div>
 							<TextField
 								{...getFieldHelpers("name")}
@@ -373,30 +349,89 @@ export const CreateWorkspacePageView: FC<CreateWorkspacePageViewProps> = ({
                 hence they require additional vertical spacing for better readability and
                 user experience. */}
 						<FormFields css={{ gap: 36 }}>
+							{presets.length > 0 && (
+								<Stack direction="column" spacing={2}>
+									<Stack direction="row" spacing={2} alignItems="center">
+										<span css={styles.description}>
+											Select a preset to get started
+										</span>
+										<FeatureStageBadge contentType={"beta"} size="md" />
+									</Stack>
+									<Stack direction="column" spacing={2}>
+										<Stack direction="row" spacing={2}>
+											<SelectFilter
+												label="Preset"
+												options={presetOptions}
+												onSelect={(option) => {
+													const index = presetOptions.findIndex(
+														(preset) => preset.value === option?.value,
+													);
+													if (index === -1) {
+														return;
+													}
+													setSelectedPresetIndex(index);
+												}}
+												placeholder="Select a preset"
+												selectedOption={presetOptions[selectedPresetIndex]}
+											/>
+										</Stack>
+										<div
+											css={{
+												display: "flex",
+												alignItems: "center",
+												gap: "8px",
+											}}
+										>
+											<Switch
+												id="show-preset-parameters"
+												checked={showPresetParameters}
+												onCheckedChange={setShowPresetParameters}
+											/>
+											<label
+												htmlFor="show-preset-parameters"
+												css={styles.description}
+											>
+												Show preset parameters
+											</label>
+										</div>
+									</Stack>
+								</Stack>
+							)}
+
 							{parameters.map((parameter, index) => {
 								const parameterField = `rich_parameter_values.${index}`;
 								const parameterInputName = `${parameterField}.value`;
+								const isPresetParameter = presetParameterNames.includes(
+									parameter.name,
+								);
 								const isDisabled =
 									disabledParams?.includes(
 										parameter.name.toLowerCase().replace(/ /g, "_"),
 									) ||
 									creatingWorkspace ||
-									presetParameterNames.includes(parameter.name);
+									isPresetParameter;
+
+								// Hide preset parameters if showPresetParameters is false
+								if (!showPresetParameters && isPresetParameter) {
+									return null;
+								}
 
 								return (
-									<RichParameterInput
-										{...getFieldHelpers(parameterInputName)}
-										onChange={async (value) => {
-											await form.setFieldValue(parameterField, {
-												name: parameter.name,
-												value,
-											});
-										}}
-										key={parameter.name}
-										parameter={parameter}
-										parameterAutofill={autofillByName[parameter.name]}
-										disabled={isDisabled}
-									/>
+									<div key={parameter.name}>
+										<RichParameterInput
+											{...getFieldHelpers(parameterInputName)}
+											onChange={async (value) => {
+												await form.setFieldValue(parameterField, {
+													name: parameter.name,
+													value,
+												});
+											}}
+											parameter={parameter}
+											parameterAutofill={autofillByName[parameter.name]}
+											disabled={isDisabled}
+											isPreset={isPresetParameter}
+										/>
+									</div>
 								);
 							})}
 						</FormFields>