diff --git a/changelog/1133.bugfix.rst b/changelog/1133.bugfix.rst
new file mode 100644
index 0000000000..fdf45729eb
--- /dev/null
+++ b/changelog/1133.bugfix.rst
@@ -0,0 +1 @@
+|commands| Fix erroneous :class:`LocalizationWarning`\s when using localized slash command parameters in cogs.
diff --git a/disnake/i18n.py b/disnake/i18n.py
index c2781a9eb8..9a9ca32560 100644
--- a/disnake/i18n.py
+++ b/disnake/i18n.py
@@ -236,8 +236,9 @@ def _copy(self) -> LocalizationValue:
     def data(self) -> Optional[Dict[str, str]]:
         """Optional[Dict[:class:`str`, :class:`str`]]: A dict with a locale -> localization mapping, if available."""
         if self._data is MISSING:
+            # This will happen when `_link(store)` hasn't been called yet, which *shouldn't* occur under normal circumstances.
             warnings.warn(
-                f"value ('{self._key}') was never localized, this is likely a library bug",
+                f"Localization value ('{self._key}') was never linked to bot; this may be a library bug.",
                 LocalizationWarning,
                 stacklevel=2,
             )
@@ -245,6 +246,10 @@ def data(self) -> Optional[Dict[str, str]]:
         return self._data
 
     def __eq__(self, other) -> bool:
+        # if both are pending, compare keys instead
+        if self._data is MISSING and other._data is MISSING:
+            return self._key == other._key
+
         d1 = self.data
         d2 = other.data
         # consider values equal if they're both falsy, or actually equal
diff --git a/tests/ext/commands/test_base_core.py b/tests/ext/commands/test_base_core.py
index ccb15f42fc..734353c5a4 100644
--- a/tests/ext/commands/test_base_core.py
+++ b/tests/ext/commands/test_base_core.py
@@ -2,6 +2,7 @@
 
 import pytest
 
+import disnake
 from disnake import Permissions
 from disnake.ext import commands
 
@@ -82,3 +83,20 @@ async def overwrite_decorator_below(self, _) -> None:
 
         assert Cog.overwrite_decorator_below.default_member_permissions == Permissions(64)
         assert Cog().overwrite_decorator_below.default_member_permissions == Permissions(64)
+
+
+def test_localization_copy() -> None:
+    class Cog(commands.Cog):
+        @commands.slash_command()
+        async def cmd(
+            self,
+            inter,
+            param: int = commands.Param(name=disnake.Localized("param", key="PARAM")),
+        ) -> None:
+            ...
+
+    # Ensure the command copy that happens on cog init doesn't raise a LocalizationWarning for the options.
+    cog = Cog()
+
+    with pytest.warns(disnake.LocalizationWarning):
+        assert cog.get_slash_commands()[0].options[0].name_localizations.data is None