diff --git a/.changes/unreleased/Fixes-20241010-164116.yaml b/.changes/unreleased/Fixes-20241010-164116.yaml
new file mode 100644
index 0000000..60dbc5d
--- /dev/null
+++ b/.changes/unreleased/Fixes-20241010-164116.yaml
@@ -0,0 +1,6 @@
+kind: Fixes
+body: Suppress logging event dictionary parsing exceptions
+time: 2024-10-10T16:41:16.06107-04:00
+custom:
+  Author: gshank
+  Issue: "202"
diff --git a/dbt_common/events/base_types.py b/dbt_common/events/base_types.py
index 78b0368..781b2a0 100644
--- a/dbt_common/events/base_types.py
+++ b/dbt_common/events/base_types.py
@@ -2,7 +2,6 @@
 import os
 import threading
 from dbt_common.events import types_pb2
-import sys
 from google.protobuf.json_format import ParseDict, MessageToDict, MessageToJson
 from google.protobuf.message import Message
 from dbt_common.events.helpers import get_json_string_utcnow
@@ -65,14 +64,14 @@ def __init__(self, *args, **kwargs) -> None:
             kwargs["msg"] = str(kwargs["msg"])
         try:
             self.pb_msg = ParseDict(kwargs, msg_cls())
-        except Exception:
+        except Exception as exc:
             # Imports need to be here to avoid circular imports
             from dbt_common.events.types import Note
             from dbt_common.events.functions import fire_event
 
-            error_msg = f"[{class_name}]: Unable to parse dict {kwargs}"
+            error_msg = f"[{class_name}]: Unable to parse logging event dictionary. {exc}. Dictionary: {kwargs}"
             # If we're testing throw an error so that we notice failures
-            if "pytest" in sys.modules:
+            if os.getenv("PYTEST_CURRENT_TEST"):
                 raise Exception(error_msg)
             else:
                 fire_event(Note(msg=error_msg), level=EventLevel.WARN)
diff --git a/tests/unit/test_events.py b/tests/unit/test_events.py
index f89a2b2..06cb7c4 100644
--- a/tests/unit/test_events.py
+++ b/tests/unit/test_events.py
@@ -1,4 +1,5 @@
 import re
+import os
 
 import pytest
 
@@ -127,11 +128,12 @@ def test_bad_serialization():
     that bad serializations are properly handled, the best we can do is test
     that the exception handling path is used.
     """
-
     with pytest.raises(Exception) as excinfo:
         types.Note(param_event_doesnt_have="This should break")
+    assert 'has no field named "param_event_doesnt_have" at "Note"' in str(excinfo.value)
 
-    assert (
-        str(excinfo.value)
-        == "[Note]: Unable to parse dict {'param_event_doesnt_have': 'This should break'}"
-    )
+    # With this unset, it shouldn't throw an exception
+    saved = os.environ["PYTEST_CURRENT_TEST"]
+    del os.environ["PYTEST_CURRENT_TEST"]
+    types.Note(param_event_doesnt_have="This should not break")
+    os.environ["PYTEST_CURRENT_TEST"] = saved