diff --git a/runtime/bindings/python/CMakeLists.txt b/runtime/bindings/python/CMakeLists.txt
index 9d45ca0606f6..0aa4c5ffa36f 100644
--- a/runtime/bindings/python/CMakeLists.txt
+++ b/runtime/bindings/python/CMakeLists.txt
@@ -114,7 +114,6 @@ iree_py_library(
   SRCS
     "iree/runtime/__init__.py"
     "iree/runtime/_binding.py"
-    "iree/runtime/_runtime_libs.py"
     "iree/runtime/array_interop.py"
     "iree/runtime/benchmark.py"
     "iree/runtime/flags.py"
@@ -123,12 +122,13 @@ iree_py_library(
     "iree/runtime/system_setup.py"
     "iree/runtime/tracing.py"
     "iree/runtime/version.py"
-    "iree/runtime/scripts/iree_benchmark_trace/__main__.py"
-    "iree/runtime/scripts/iree_benchmark_module/__main__.py"
-    "iree/runtime/scripts/iree_cpuinfo/__main__.py"
-    "iree/runtime/scripts/iree_run_trace/__main__.py"
-    "iree/runtime/scripts/iree_run_module/__main__.py"
-    "iree/runtime/scripts/iree_tracy_capture/__main__.py"
+    "iree/_runtime/libs.py"
+    "iree/_runtime/scripts/iree_benchmark_trace/__main__.py"
+    "iree/_runtime/scripts/iree_benchmark_module/__main__.py"
+    "iree/_runtime/scripts/iree_cpuinfo/__main__.py"
+    "iree/_runtime/scripts/iree_run_trace/__main__.py"
+    "iree/_runtime/scripts/iree_run_module/__main__.py"
+    "iree/_runtime/scripts/iree_tracy_capture/__main__.py"
   PYEXT_DEPS
     iree_runtime_bindings_python_PyExtRt
 )
diff --git a/runtime/bindings/python/iree/_runtime/README.md b/runtime/bindings/python/iree/_runtime/README.md
new file mode 100644
index 000000000000..6a6a67764c29
--- /dev/null
+++ b/runtime/bindings/python/iree/_runtime/README.md
@@ -0,0 +1,14 @@
+# Non user-API runtime support.
+
+This package contains elements of the runtime which are not user
+visible parts of the API. It is a pure namespace package that does
+no native initialization by default (unlike the `runtime` package
+which initializes the native library as part of exporting its API).
+
+This distinction is important because some runtime libraries (like
+`tracy` will attempt to connect to a profiler on load and there are
+cases where we want to do things without triggering such load-time
+behavior).
+
+As peers to this package, there are native `_runtime_libs*` packages
+for different variations of native libraries and tools.
diff --git a/runtime/bindings/python/iree/runtime/_runtime_libs.py b/runtime/bindings/python/iree/_runtime/libs.py
similarity index 77%
rename from runtime/bindings/python/iree/runtime/_runtime_libs.py
rename to runtime/bindings/python/iree/_runtime/libs.py
index d27e300fda79..135cf4277dd1 100644
--- a/runtime/bindings/python/iree/runtime/_runtime_libs.py
+++ b/runtime/bindings/python/iree/_runtime/libs.py
@@ -3,7 +3,7 @@
 # Licensed under the Apache License v2.0 with LLVM Exceptions.
 # See https://llvm.org/LICENSE.txt for license information.
 # SPDX-License-Identifier: Apache-2.0 WITH LLVM-exception
-"""Trampoline to the right iree._runtime_libs* module."""
+"""Trampoline to the right iree._runtime_libs*._runtime module."""
 
 import os
 import sys
@@ -12,7 +12,7 @@
 variant = os.getenv("IREE_PY_RUNTIME", "default")
 if variant == "tracy":
     try:
-        import iree._runtime_libs_tracy as _libs
+        import iree._runtime_libs_tracy as libs
     except ModuleNotFoundError as e:
         raise ModuleNotFoundError(
             "IREE Tracy runtime requested via IREE_PY_RUNTIME but it is not "
@@ -25,8 +25,8 @@
             f"Unknown value for IREE_PY_RUNTIME env var ({variant}): " f"Using default"
         )
         variant = "default"
-    import iree._runtime_libs as _libs
+    import iree._runtime_libs as libs
 
-_libs.name = variant
-_libs.library_path = _libs.__path__[0]
-sys.modules[__name__] = _libs
+libs.name = variant
+libs.library_path = libs.__path__[0]
+sys.modules[__name__] = libs
diff --git a/runtime/bindings/python/iree/runtime/scripts/iree_benchmark_module/__main__.py b/runtime/bindings/python/iree/_runtime/scripts/iree_benchmark_module/__main__.py
similarity index 80%
rename from runtime/bindings/python/iree/runtime/scripts/iree_benchmark_module/__main__.py
rename to runtime/bindings/python/iree/_runtime/scripts/iree_benchmark_module/__main__.py
index 0d9eabdabfd0..6e12f6708d67 100644
--- a/runtime/bindings/python/iree/runtime/scripts/iree_benchmark_module/__main__.py
+++ b/runtime/bindings/python/iree/_runtime/scripts/iree_benchmark_module/__main__.py
@@ -7,13 +7,13 @@
 import os
 import subprocess
 import sys
-from ... import _runtime_libs
+from ... import libs
 
 
 def main(args=None):
     if args is None:
         args = sys.argv[1:]
-    exe = os.path.join(_runtime_libs.library_path, "iree-benchmark-module")
+    exe = os.path.join(libs.library_path, "iree-benchmark-module")
     return subprocess.call(args=[exe] + args)
 
 
diff --git a/runtime/bindings/python/iree/runtime/scripts/iree_run_trace/__main__.py b/runtime/bindings/python/iree/_runtime/scripts/iree_benchmark_trace/__main__.py
similarity index 81%
rename from runtime/bindings/python/iree/runtime/scripts/iree_run_trace/__main__.py
rename to runtime/bindings/python/iree/_runtime/scripts/iree_benchmark_trace/__main__.py
index 4464d591cb3f..51a6fe02af7f 100644
--- a/runtime/bindings/python/iree/runtime/scripts/iree_run_trace/__main__.py
+++ b/runtime/bindings/python/iree/_runtime/scripts/iree_benchmark_trace/__main__.py
@@ -7,13 +7,13 @@
 import os
 import subprocess
 import sys
-from ... import _runtime_libs
+from ... import libs
 
 
 def main(args=None):
     if args is None:
         args = sys.argv[1:]
-    exe = os.path.join(_runtime_libs.library_path, "iree-run-trace")
+    exe = os.path.join(libs.library_path, "iree-benchmark-trace")
     return subprocess.call(args=[exe] + args)
 
 
diff --git a/runtime/bindings/python/iree/runtime/scripts/iree_cpuinfo/__main__.py b/runtime/bindings/python/iree/_runtime/scripts/iree_cpuinfo/__main__.py
similarity index 100%
rename from runtime/bindings/python/iree/runtime/scripts/iree_cpuinfo/__main__.py
rename to runtime/bindings/python/iree/_runtime/scripts/iree_cpuinfo/__main__.py
diff --git a/runtime/bindings/python/iree/runtime/scripts/iree_dump_module/__main__.py b/runtime/bindings/python/iree/_runtime/scripts/iree_dump_module/__main__.py
similarity index 87%
rename from runtime/bindings/python/iree/runtime/scripts/iree_dump_module/__main__.py
rename to runtime/bindings/python/iree/_runtime/scripts/iree_dump_module/__main__.py
index caa84b5df77c..8f9489d0bb3d 100644
--- a/runtime/bindings/python/iree/runtime/scripts/iree_dump_module/__main__.py
+++ b/runtime/bindings/python/iree/_runtime/scripts/iree_dump_module/__main__.py
@@ -15,7 +15,7 @@
 def main(args=None):
     if args is None:
         args = sys.argv[1:]
-    exe = os.path.join(_runtime_libs.library_path, "iree-dump-module")
+    exe = os.path.join(_runtime_libs.__path__[0], "iree-dump-module")
     return subprocess.call(args=[exe] + args)
 
 
diff --git a/runtime/bindings/python/iree/runtime/scripts/iree_run_module/__main__.py b/runtime/bindings/python/iree/_runtime/scripts/iree_run_module/__main__.py
similarity index 80%
rename from runtime/bindings/python/iree/runtime/scripts/iree_run_module/__main__.py
rename to runtime/bindings/python/iree/_runtime/scripts/iree_run_module/__main__.py
index e8c2abef6fc2..8b1fd6998591 100644
--- a/runtime/bindings/python/iree/runtime/scripts/iree_run_module/__main__.py
+++ b/runtime/bindings/python/iree/_runtime/scripts/iree_run_module/__main__.py
@@ -7,13 +7,13 @@
 import os
 import subprocess
 import sys
-from ... import _runtime_libs
+from ... import libs
 
 
 def main(args=None):
     if args is None:
         args = sys.argv[1:]
-    exe = os.path.join(_runtime_libs.library_path, "iree-run-module")
+    exe = os.path.join(libs.library_path, "iree-run-module")
     return subprocess.call(args=[exe] + args)
 
 
diff --git a/runtime/bindings/python/iree/runtime/scripts/iree_benchmark_trace/__main__.py b/runtime/bindings/python/iree/_runtime/scripts/iree_run_trace/__main__.py
similarity index 80%
rename from runtime/bindings/python/iree/runtime/scripts/iree_benchmark_trace/__main__.py
rename to runtime/bindings/python/iree/_runtime/scripts/iree_run_trace/__main__.py
index 6fbf0e26abeb..ea7170f4775c 100644
--- a/runtime/bindings/python/iree/runtime/scripts/iree_benchmark_trace/__main__.py
+++ b/runtime/bindings/python/iree/_runtime/scripts/iree_run_trace/__main__.py
@@ -7,13 +7,13 @@
 import os
 import subprocess
 import sys
-from ... import _runtime_libs
+from ... import libs
 
 
 def main(args=None):
     if args is None:
         args = sys.argv[1:]
-    exe = os.path.join(_runtime_libs.library_path, "iree-benchmark-trace")
+    exe = os.path.join(libs.library_path, "iree-run-trace")
     return subprocess.call(args=[exe] + args)
 
 
diff --git a/runtime/bindings/python/iree/runtime/scripts/iree_tracy_capture/__main__.py b/runtime/bindings/python/iree/_runtime/scripts/iree_tracy_capture/__main__.py
similarity index 100%
rename from runtime/bindings/python/iree/runtime/scripts/iree_tracy_capture/__main__.py
rename to runtime/bindings/python/iree/_runtime/scripts/iree_tracy_capture/__main__.py
diff --git a/runtime/bindings/python/iree/runtime/_binding.py b/runtime/bindings/python/iree/runtime/_binding.py
index 2237bb01ba33..99aa55aa2cef 100644
--- a/runtime/bindings/python/iree/runtime/_binding.py
+++ b/runtime/bindings/python/iree/runtime/_binding.py
@@ -9,10 +9,13 @@
 locates the actual _runtime module based on environment configuration.
 
 TODO: We could rename this to _runtime since it a trampoline for
-the _runtime module we load from elsehwhere.
+the _runtime native extension module we load from elsehwhere.
 """
 
 import sys
-from ._runtime_libs import _runtime
+
+# "_runtime" is the native extension within the _runtime_libs package
+# selected.
+from .._runtime.libs import _runtime
 
 sys.modules[__name__] = _runtime
diff --git a/runtime/setup.py b/runtime/setup.py
index c4a6212a6379..1a2be87e0138 100644
--- a/runtime/setup.py
+++ b/runtime/setup.py
@@ -435,6 +435,8 @@ def generate_version_py():
         include=[
             "iree.runtime",
             "iree.runtime.*",
+            "iree._runtime",
+            "iree._runtime.*",
         ],
     )
     + [
@@ -521,6 +523,7 @@ def generate_version_py():
             # Note: Must be relative path, so we line this up with the absolute
             # path built above. Note that this must exist prior to the call.
             "iree.runtime": "bindings/python/iree/runtime",
+            "iree._runtime": "bindings/python/iree/_runtime",
             "iree._runtime_libs": f"{CMAKE_INSTALL_DIR_REL}/python_packages/iree_runtime/iree/_runtime_libs",
         },
         {
@@ -563,16 +566,16 @@ def generate_version_py():
     ),
     entry_points={
         "console_scripts": [
-            "iree-run-module = iree.runtime.scripts.iree_run_module.__main__:main",
-            "iree-run-trace = iree.runtime.scripts.iree_run_trace.__main__:main",
-            "iree-benchmark-module = iree.runtime.scripts.iree_benchmark_module.__main__:main",
-            "iree-benchmark-trace = iree.runtime.scripts.iree_benchmark_trace.__main__:main",
-            "iree-dump-module = iree.runtime.scripts.iree_dump_module.__main__:main",
-            "iree-cpuinfo = iree.runtime.scripts.iree_cpuinfo.__main__:main",
+            "iree-run-module = iree._runtime.scripts.iree_run_module.__main__:main",
+            "iree-run-trace = iree._runtime.scripts.iree_run_trace.__main__:main",
+            "iree-benchmark-module = iree._runtime.scripts.iree_benchmark_module.__main__:main",
+            "iree-benchmark-trace = iree._runtime.scripts.iree_benchmark_trace.__main__:main",
+            "iree-dump-module = iree._runtime.scripts.iree_dump_module.__main__:main",
+            "iree-cpuinfo = iree._runtime.scripts.iree_cpuinfo.__main__:main",
         ]
         + (
             [
-                "iree-tracy-capture = iree.runtime.scripts.iree_tracy_capture.__main__:main"
+                "iree-tracy-capture = iree._runtime.scripts.iree_tracy_capture.__main__:main"
             ]
             if ENABLE_TRACY_TOOLS
             else []