diff --git a/ui/org.eclipse.pde.core/src/org/eclipse/pde/internal/core/TracingOptionsManager.java b/ui/org.eclipse.pde.core/src/org/eclipse/pde/internal/core/TracingOptionsManager.java
index 5d53461899..8db8215cc7 100644
--- a/ui/org.eclipse.pde.core/src/org/eclipse/pde/internal/core/TracingOptionsManager.java
+++ b/ui/org.eclipse.pde.core/src/org/eclipse/pde/internal/core/TracingOptionsManager.java
@@ -24,16 +24,16 @@
 import java.nio.charset.StandardCharsets;
 import java.nio.file.Files;
 import java.nio.file.Path;
-import java.util.Arrays;
 import java.util.HashMap;
 import java.util.Map;
-import java.util.Objects;
 import java.util.Properties;
 import java.util.Set;
 import java.util.zip.ZipEntry;
 import java.util.zip.ZipFile;
 
 import org.eclipse.core.runtime.IPath;
+import org.eclipse.core.runtime.IProgressMonitor;
+import org.eclipse.core.runtime.SubMonitor;
 import org.eclipse.pde.core.plugin.IPluginModelBase;
 import org.eclipse.pde.core.plugin.PluginRegistry;
 
@@ -44,8 +44,8 @@ public TracingOptionsManager() {
 		super();
 	}
 
-	public Map<String, String> getTemplateTable(String pluginId) {
-		Map<String, String> tracingTemplate = getTracingTemplate();
+	public Map<String, String> getTemplateTable(String pluginId, IProgressMonitor monitor) {
+		Map<String, String> tracingTemplate = getTracingTemplate(monitor);
 		Map<String, String> defaults = new HashMap<>();
 		tracingTemplate.forEach((key, value) -> {
 			if (belongsTo(key, pluginId)) {
@@ -60,9 +60,9 @@ private boolean belongsTo(String option, String pluginId) {
 		return pluginId.equalsIgnoreCase(firstSegment);
 	}
 
-	public Map<String, String> getTracingOptions(Map<String, String> storedOptions) {
+	public Map<String, String> getTracingOptions(Map<String, String> storedOptions, IProgressMonitor monitor) {
 		// Start with the fresh template from plugins
-		Map<String, String> defaults = getTracingTemplateCopy();
+		Map<String, String> defaults = getTracingTemplateCopy(monitor);
 		if (storedOptions != null) {
 			// Load stored values, but only for existing keys
 			storedOptions.forEach((key, value) -> {
@@ -74,21 +74,29 @@ public Map<String, String> getTracingOptions(Map<String, String> storedOptions)
 		return defaults;
 	}
 
-	public Map<String, String> getTracingTemplateCopy() {
-		return new HashMap<>(getTracingTemplate());
+	public Map<String, String> getTracingTemplateCopy(IProgressMonitor monitor) {
+		return new HashMap<>(getTracingTemplate(monitor));
 	}
 
-	private synchronized Map<String, String> getTracingTemplate() {
-		if (template == null) {
-			Map<String, String> temp = new HashMap<>();
-			IPluginModelBase[] models = PluginRegistry.getAllModels();
-			Arrays.stream(models).map(TracingOptionsManager::getOptions).filter(Objects::nonNull).forEach(p -> {
+	private synchronized Map<String, String> getTracingTemplate(IProgressMonitor monitor) {
+		if (template != null) {
+			return template;
+		}
+
+		Map<String, String> temp = new HashMap<>();
+		IPluginModelBase[] models = PluginRegistry.getAllModels();
+		SubMonitor subMonitor = SubMonitor.convert(monitor, models.length);
+
+		for (IPluginModelBase model : models) {
+			subMonitor.split(1);
+			Properties options = TracingOptionsManager.getOptions(model);
+			if (options != null) {
 				@SuppressWarnings({ "rawtypes", "unchecked" })
-				Map<String, String> entries = (Map) p;
+				Map<String, String> entries = (Map) options;
 				temp.putAll(entries); // All entries are of String/String
-			});
-			template = temp;
+			}
 		}
+		template = temp;
 		return template;
 	}
 
@@ -129,7 +137,7 @@ private void saveOptions(Path file, Map<String, String> entries) {
 	}
 
 	public void save(Path file, Map<String, String> map, Set<String> selected) {
-		Map<String, String> properties = getTracingOptions(map);
+		Map<String, String> properties = getTracingOptions(map, null);
 		properties.keySet().removeIf(key -> {
 			IPath path = IPath.fromOSString(key);
 			return path.segmentCount() < 1 || !selected.contains(path.segment(0));
@@ -138,7 +146,7 @@ public void save(Path file, Map<String, String> map, Set<String> selected) {
 	}
 
 	public void save(Path file, Map<String, String> map) {
-		saveOptions(file, getTracingOptions(map));
+		saveOptions(file, getTracingOptions(map, null));
 	}
 
 	private static Properties getOptions(IPluginModelBase model) {
diff --git a/ui/org.eclipse.pde.ui/src/org/eclipse/pde/internal/ui/PDEUIMessages.java b/ui/org.eclipse.pde.ui/src/org/eclipse/pde/internal/ui/PDEUIMessages.java
index 04299c5383..71edc2cba6 100644
--- a/ui/org.eclipse.pde.ui/src/org/eclipse/pde/internal/ui/PDEUIMessages.java
+++ b/ui/org.eclipse.pde.ui/src/org/eclipse/pde/internal/ui/PDEUIMessages.java
@@ -1093,6 +1093,7 @@ public class PDEUIMessages extends NLS {
 	public static String TracingTab_AttributeLabel_TracingChecked;
 	public static String TracingTab_AttributeLabel_TracingNone;
 
+	public static String TracingBlock_initializing_tracing_options;
 	public static String TracingBlock_restore_default;
 	public static String TracingBlock_restore_default_selected;
 
diff --git a/ui/org.eclipse.pde.ui/src/org/eclipse/pde/internal/ui/launcher/TracingBlock.java b/ui/org.eclipse.pde.ui/src/org/eclipse/pde/internal/ui/launcher/TracingBlock.java
index 759c45bccc..a4e80376fc 100644
--- a/ui/org.eclipse.pde.ui/src/org/eclipse/pde/internal/ui/launcher/TracingBlock.java
+++ b/ui/org.eclipse.pde.ui/src/org/eclipse/pde/internal/ui/launcher/TracingBlock.java
@@ -18,16 +18,21 @@
 
 import static org.eclipse.swt.events.SelectionListener.widgetSelectedAdapter;
 
+import java.lang.reflect.InvocationTargetException;
 import java.util.ArrayList;
 import java.util.HashMap;
 import java.util.List;
 import java.util.Map;
 import java.util.Objects;
+import java.util.function.BiFunction;
 
 import org.eclipse.core.runtime.CoreException;
+import org.eclipse.core.runtime.IProgressMonitor;
+import org.eclipse.core.runtime.SubMonitor;
 import org.eclipse.debug.core.ILaunchConfiguration;
 import org.eclipse.debug.core.ILaunchConfigurationWorkingCopy;
 import org.eclipse.jface.dialogs.IDialogSettings;
+import org.eclipse.jface.operation.IRunnableContext;
 import org.eclipse.jface.viewers.ArrayContentProvider;
 import org.eclipse.jface.viewers.CheckboxTableViewer;
 import org.eclipse.jface.viewers.IStructuredSelection;
@@ -58,6 +63,53 @@
 
 public class TracingBlock {
 
+	/**
+	 * This class encapsulates all calls to the tracing options manager and runs
+	 * them using a progress monitor.
+	 */
+	private static record TracingOptionsManagerDelegate(IRunnableContext fRunnableContext) {
+
+		Map<String, String> getTracingTemplateCopy() {
+			return runShowingProgress(
+					(tracingOptionsManager, monitor) -> tracingOptionsManager.getTracingTemplateCopy(monitor));
+		}
+
+		public Map<String, String> getTracingOptions(Map<String, String> options) {
+			return runShowingProgress(
+					(tracingOptionsManager, monitor) -> tracingOptionsManager.getTracingOptions(options, monitor));
+		}
+
+		public Map<String, String> getTemplateTable(String pluginId) {
+			return runShowingProgress(
+					(tracingOptionsManager, monitor) -> tracingOptionsManager.getTemplateTable(pluginId, monitor));
+		}
+
+		private Map<String, String> runShowingProgress(
+				BiFunction<TracingOptionsManager, IProgressMonitor, Map<String, String>> task) {
+			try {
+				String taskName = PDEUIMessages.TracingBlock_initializing_tracing_options;
+				final Map<String, String> result = new HashMap<>();
+
+				// due to a bug
+				// (https://github.com/eclipse-platform/eclipse.platform/issues/769),
+				// the task needs to be forked otherwise the UI
+				// does not show the progress indicator
+				fRunnableContext.run(true, false, monitor -> {
+					SubMonitor subMonitor = SubMonitor.convert(monitor, taskName, 1);
+					result.putAll(task.apply(PDECore.getDefault().getTracingOptionsManager(), subMonitor.split(1)));
+				});
+
+				return result;
+			} catch (InvocationTargetException e) {
+				throw new IllegalStateException(e);
+			} catch (InterruptedException e) {
+				Thread.currentThread().interrupt();
+				throw new IllegalStateException(e);
+			}
+		}
+	}
+
+	private TracingOptionsManagerDelegate fTracingOptionsManagerDelegate;
 	private final TracingTab fTab;
 	private Button fTracingCheck;
 	private CheckboxTableViewer fPluginViewer;
@@ -201,8 +253,7 @@ private void createRestoreButtonSection(Composite parent) {
 			if (selec.getFirstElement() instanceof IPluginModelBase model) {
 				String modelName = model.getBundleDescription().getSymbolicName();
 				if (modelName != null) {
-					Map<String, String> properties = PDECore.getDefault().getTracingOptionsManager()
-							.getTracingTemplateCopy();
+					Map<String, String> properties = fTracingOptionsManagerDelegate.getTracingTemplateCopy();
 					properties.forEach((key, value) -> {
 						if (key.startsWith(modelName + '/')) {
 							fMasterOptions.put(key, value);
@@ -222,7 +273,7 @@ private void createRestoreButtonSection(Composite parent) {
 		fRestoreDefaultButton.addSelectionListener(SelectionListener.widgetSelectedAdapter(e -> {
 			disposePropertySources();
 			fMasterOptions.clear();
-			fMasterOptions.putAll(PDECore.getDefault().getTracingOptionsManager().getTracingTemplateCopy());
+			fMasterOptions.putAll(fTracingOptionsManagerDelegate.getTracingTemplateCopy());
 			Object[] elements = fPluginViewer.getCheckedElements();
 			for (Object element : elements) {
 				if (element instanceof IPluginModelBase model) {
@@ -265,14 +316,17 @@ protected int createPropertySheet(Composite parent) {
 		return style == SWT.NULL ? 2 : 0;
 	}
 
-	public void initializeFrom(ILaunchConfiguration config) {
+	private void activateInternal(ILaunchConfiguration config) {
 		fMasterOptions.clear();
 		disposePropertySources();
 		try {
 			fTracingCheck.setSelection(config.getAttribute(IPDELauncherConstants.TRACING, false));
 			Map<String, String> options = config.getAttribute(IPDELauncherConstants.TRACING_OPTIONS, (Map<String, String>) null);
-			TracingOptionsManager mgr = PDECore.getDefault().getTracingOptionsManager();
-			fMasterOptions.putAll(options == null ? mgr.getTracingTemplateCopy() : mgr.getTracingOptions(options));
+
+			fMasterOptions.putAll(options == null //
+					? fTracingOptionsManagerDelegate.getTracingTemplateCopy() //
+					: fTracingOptionsManagerDelegate.getTracingOptions(options));
+
 			masterCheckChanged();
 			String checked = config.getAttribute(IPDELauncherConstants.TRACING_CHECKED, (String) null);
 			if (checked == null) {
@@ -302,6 +356,10 @@ public void initializeFrom(ILaunchConfiguration config) {
 		}
 	}
 
+	public void setRunnableContext(IRunnableContext runnableContext) {
+		fTracingOptionsManagerDelegate = new TracingOptionsManagerDelegate(runnableContext);
+	}
+
 	public void performApply(ILaunchConfigurationWorkingCopy config) {
 		boolean tracingEnabled = fTracingCheck.getSelection();
 		config.setAttribute(IPDELauncherConstants.TRACING, tracingEnabled);
@@ -348,6 +406,7 @@ public void setDefaults(ILaunchConfigurationWorkingCopy configuration) {
 	}
 
 	public void activated(ILaunchConfigurationWorkingCopy workingCopy) {
+		activateInternal(workingCopy);
 		fPageBook.getParent().getParent().layout(true);
 	}
 
@@ -435,7 +494,7 @@ private TracingPropertySource getPropertySource(IPluginModelBase model) {
 			return null;
 		return fPropertySources.computeIfAbsent(model, m -> {
 			String id = m.getPluginBase().getId();
-			Map<String, String> defaults = PDECore.getDefault().getTracingOptionsManager().getTemplateTable(id);
+			Map<String, String> defaults = fTracingOptionsManagerDelegate.getTemplateTable(id);
 			TracingPropertySource source = new TracingPropertySource(m, fMasterOptions, defaults, this);
 			source.setChanged(true);
 			return source;
diff --git a/ui/org.eclipse.pde.ui/src/org/eclipse/pde/internal/ui/pderesources.properties b/ui/org.eclipse.pde.ui/src/org/eclipse/pde/internal/ui/pderesources.properties
index cf7c3f47dc..110d70ed07 100644
--- a/ui/org.eclipse.pde.ui/src/org/eclipse/pde/internal/ui/pderesources.properties
+++ b/ui/org.eclipse.pde.ui/src/org/eclipse/pde/internal/ui/pderesources.properties
@@ -599,6 +599,7 @@ TracingTab_AttributeLabel_TracingOptions=Tracing options
 TracingTab_AttributeLabel_TracingChecked=Tracing select all
 TracingTab_AttributeLabel_TracingNone=Tracing select none
 
+TracingBlock_initializing_tracing_options=Initializing tracing options
 TracingBlock_restore_default=Restore &All to Defaults
 TracingBlock_restore_default_selected=Restore &Selected to Defaults
 TracingLauncherTab_name = Trac&ing
diff --git a/ui/org.eclipse.pde.ui/src/org/eclipse/pde/ui/launcher/TracingTab.java b/ui/org.eclipse.pde.ui/src/org/eclipse/pde/ui/launcher/TracingTab.java
index 636dd712d3..5fc25c0371 100644
--- a/ui/org.eclipse.pde.ui/src/org/eclipse/pde/ui/launcher/TracingTab.java
+++ b/ui/org.eclipse.pde.ui/src/org/eclipse/pde/ui/launcher/TracingTab.java
@@ -16,6 +16,7 @@
 
 import org.eclipse.debug.core.ILaunchConfiguration;
 import org.eclipse.debug.core.ILaunchConfigurationWorkingCopy;
+import org.eclipse.debug.ui.ILaunchConfigurationDialog;
 import org.eclipse.jface.dialogs.Dialog;
 import org.eclipse.pde.internal.ui.IHelpContextIds;
 import org.eclipse.pde.internal.ui.PDEPlugin;
@@ -81,7 +82,13 @@ public void dispose() {
 
 	@Override
 	public void initializeFrom(ILaunchConfiguration config) {
-		fTracingBlock.initializeFrom(config);
+		// the heavy lifting occurs in #activated(...)
+	}
+
+	@Override
+	public void setLaunchConfigurationDialog(ILaunchConfigurationDialog dialog) {
+		super.setLaunchConfigurationDialog(dialog);
+		fTracingBlock.setRunnableContext(dialog);
 	}
 
 	@Override