diff --git a/source/adapters/level_zero/context.cpp b/source/adapters/level_zero/context.cpp
index 7c1c412ee4..a4e0512812 100644
--- a/source/adapters/level_zero/context.cpp
+++ b/source/adapters/level_zero/context.cpp
@@ -565,18 +565,20 @@ ur_event_handle_t ur_context_handle_t_::getEventFromContextCache(
     bool HostVisible, bool WithProfiling, ur_device_handle_t Device,
     bool CounterBasedEventEnabled) {
   std::scoped_lock<ur_mutex> Lock(EventCacheMutex);
-  auto Cache = getEventCache(HostVisible, WithProfiling, Device);
-  if (Cache->empty())
+  auto Cache = getEventCache(HostVisible, WithProfiling, Device, CounterBasedEventEnabled);
+  if (Cache->empty()) {
+    logger::info("Cache empty (Host Visible: {}, Profiling: {}, Counter: {}, Device: {})", HostVisible, WithProfiling, CounterBasedEventEnabled, Device);
     return nullptr;
+  }
 
   auto It = Cache->begin();
   ur_event_handle_t Event = *It;
-  if (Event->CounterBasedEventsEnabled != CounterBasedEventEnabled) {
-    return nullptr;
-  }
   Cache->erase(It);
   // We have to reset event before using it.
   Event->reset();
+
+  logger::info("Using {} event (Host Visible: {}, Profiling: {}, Counter: {}, Device: {}) from cache {}", Event, Event->HostVisibleEvent, Event->isProfilingEnabled(), Event->CounterBasedEventsEnabled, Device, Cache);
+
   return Event;
 }
 
@@ -589,7 +591,8 @@ void ur_context_handle_t_::addEventToContextCache(ur_event_handle_t Event) {
   }
 
   auto Cache = getEventCache(Event->isHostVisible(),
-                             Event->isProfilingEnabled(), Device);
+                             Event->isProfilingEnabled(), Device, Event->CounterBasedEventsEnabled);
+  logger::info("Inserting {} event (Host Visible: {}, Profiling: {}, Counter: {}, Device: {}) into cache {}", Event, Event->HostVisibleEvent, Event->isProfilingEnabled(), Event->CounterBasedEventsEnabled, Device, Cache);
   Cache->emplace_back(Event);
 }
 
diff --git a/source/adapters/level_zero/context.hpp b/source/adapters/level_zero/context.hpp
index 0d3b2846e2..9adbe9ecb9 100644
--- a/source/adapters/level_zero/context.hpp
+++ b/source/adapters/level_zero/context.hpp
@@ -169,15 +169,6 @@ struct ur_context_handle_t_ : _ur_object {
   // holding the current pool usage counts.
   ur_mutex ZeEventPoolCacheMutex;
 
-  // Mutex to control operations on event caches.
-  ur_mutex EventCacheMutex;
-
-  // Caches for events.
-  using EventCache = std::vector<std::list<ur_event_handle_t>>;
-  EventCache EventCaches{4};
-  std::vector<std::unordered_map<ur_device_handle_t, size_t>>
-      EventCachesDeviceMap{4};
-
   // Initialize the PI context.
   ur_result_t initialize();
 
@@ -313,36 +304,44 @@ struct ur_context_handle_t_ : _ur_object {
   ze_context_handle_t getZeHandle() const;
 
 private:
+
+  enum EventFlags {
+    EVENT_FLAG_HOST_VISIBLE = UR_BIT(0),
+    EVENT_FLAG_WITH_PROFILING = UR_BIT(1),
+    EVENT_FLAG_COUNTER = UR_BIT(2),
+    MAX_EVENT_FLAG_BITS = 3, // this is used as an offset for embedding device id
+  };
+
+  // Mutex to control operations on event caches.
+  ur_mutex EventCacheMutex;
+
+  // Caches for events.
+  using EventCache = std::list<ur_event_handle_t>;
+  std::vector<EventCache> EventCaches;
+
   // Get the cache of events for a provided scope and profiling mode.
-  auto getEventCache(bool HostVisible, bool WithProfiling,
-                     ur_device_handle_t Device) {
+  EventCache *getEventCache(bool HostVisible, bool WithProfiling,
+                     ur_device_handle_t Device, bool Counter) {
+
+    size_t index = 0;
     if (HostVisible) {
-      if (Device) {
-        auto EventCachesMap =
-            WithProfiling ? &EventCachesDeviceMap[0] : &EventCachesDeviceMap[1];
-        if (EventCachesMap->find(Device) == EventCachesMap->end()) {
-          EventCaches.emplace_back();
-          EventCachesMap->insert(
-              std::make_pair(Device, EventCaches.size() - 1));
-        }
-        return &EventCaches[(*EventCachesMap)[Device]];
-      } else {
-        return WithProfiling ? &EventCaches[0] : &EventCaches[1];
-      }
-    } else {
-      if (Device) {
-        auto EventCachesMap =
-            WithProfiling ? &EventCachesDeviceMap[2] : &EventCachesDeviceMap[3];
-        if (EventCachesMap->find(Device) == EventCachesMap->end()) {
-          EventCaches.emplace_back();
-          EventCachesMap->insert(
-              std::make_pair(Device, EventCaches.size() - 1));
-        }
-        return &EventCaches[(*EventCachesMap)[Device]];
-      } else {
-        return WithProfiling ? &EventCaches[2] : &EventCaches[3];
-      }
+      index |= EVENT_FLAG_HOST_VISIBLE;
+    }
+    if (WithProfiling) {
+      index |= EVENT_FLAG_WITH_PROFILING;
     }
+    if (Counter) {
+      index |= EVENT_FLAG_COUNTER;
+    }
+    if (Device) {
+        index |= (*Device->Id << MAX_EVENT_FLAG_BITS);
+    }
+
+    if (index >= EventCaches.size()) {
+        EventCaches.resize(index + 1);
+    }
+
+    return &EventCaches[index];
   }
 };
 
diff --git a/test/CMakeLists.txt b/test/CMakeLists.txt
index e7514cefd8..b615e3557e 100644
--- a/test/CMakeLists.txt
+++ b/test/CMakeLists.txt
@@ -17,6 +17,11 @@ set(UR_TEST_FUZZTESTS ON CACHE BOOL "Run fuzz tests if using clang and UR_DPCXX
 set(gtest_force_shared_crt ON CACHE BOOL "" FORCE)
 set(INSTALL_GTEST OFF)
 FetchContent_MakeAvailable(googletest)
+
+set_target_properties(gtest PROPERTIES POSITION_INDEPENDENT_CODE ON)
+set_target_properties(gtest_main PROPERTIES POSITION_INDEPENDENT_CODE ON)
+set_target_properties(gmock PROPERTIES POSITION_INDEPENDENT_CODE ON)
+
 enable_testing()
 
 # Conformance defines the generate_device_binaries target which should be