diff --git a/.changes/unreleased/Features-20230831-204804.yaml b/.changes/unreleased/Features-20230831-204804.yaml
new file mode 100644
index 00000000000..3e13de8d334
--- /dev/null
+++ b/.changes/unreleased/Features-20230831-204804.yaml
@@ -0,0 +1,6 @@
+kind: Features
+body: Support atomic replace in the global replace macro
+time: 2023-08-31T20:48:04.098933-04:00
+custom:
+  Author: mikealfare
+  Issue: "8539"
diff --git a/core/dbt/adapters/base/relation.py b/core/dbt/adapters/base/relation.py
index fa9cf6bfabb..d8768c44f0b 100644
--- a/core/dbt/adapters/base/relation.py
+++ b/core/dbt/adapters/base/relation.py
@@ -1,6 +1,6 @@
 from collections.abc import Hashable
 from dataclasses import dataclass, field
-from typing import Optional, TypeVar, Any, Type, Dict, Iterator, Tuple, Set, List
+from typing import Optional, TypeVar, Any, Type, Dict, Iterator, Tuple, Set, FrozenSet
 
 from dbt.contracts.graph.nodes import SourceDefinition, ManifestNode, ResultNode, ParsedNode
 from dbt.contracts.relation import (
@@ -36,9 +36,9 @@ class BaseRelation(FakeAPIObject, Hashable):
     quote_policy: Policy = field(default_factory=lambda: Policy())
     dbt_created: bool = False
     # register relation types that can be renamed for the purpose of replacing relations using stages and backups
-    renameable_relations: List[str] = field(
-        default_factory=lambda: [RelationType.Table, RelationType.View]
-    )
+    renameable_relations: FrozenSet[str] = frozenset()
+    # register relation types that are replaceable, i.e. they have "create or replace" capability
+    replaceable_relations: FrozenSet[str] = frozenset()
 
     def _is_exactish_match(self, field: ComponentName, value: str) -> bool:
         if self.dbt_created and self.quote_policy.get_part(field) is False:
@@ -290,9 +290,13 @@ def create(
         return cls.from_dict(kwargs)
 
     @property
-    def can_be_renamed(self):
+    def can_be_renamed(self) -> bool:
         return self.type in self.renameable_relations
 
+    @property
+    def can_be_replaced(self) -> bool:
+        return self.type in self.replaceable_relations
+
     def __repr__(self) -> str:
         return "<{} {}>".format(self.__class__.__name__, self.render())
 
diff --git a/core/dbt/include/global_project/macros/materializations/models/materialized_view/materialized_view.sql b/core/dbt/include/global_project/macros/materializations/models/materialized_view.sql
similarity index 100%
rename from core/dbt/include/global_project/macros/materializations/models/materialized_view/materialized_view.sql
rename to core/dbt/include/global_project/macros/materializations/models/materialized_view.sql
diff --git a/core/dbt/include/global_project/macros/materializations/models/materialized_view/get_materialized_view_configuration_changes.sql b/core/dbt/include/global_project/macros/materializations/models/materialized_view/get_materialized_view_configuration_changes.sql
deleted file mode 100644
index b1639b1631e..00000000000
--- a/core/dbt/include/global_project/macros/materializations/models/materialized_view/get_materialized_view_configuration_changes.sql
+++ /dev/null
@@ -1,23 +0,0 @@
-{% macro get_materialized_view_configuration_changes(existing_relation, new_config) %}
-    /* {#
-    It's recommended that configuration changes be formatted as follows:
-    {"<change_category>": [{"action": "<name>", "context": ...}]}
-
-    For example:
-    {
-        "indexes": [
-            {"action": "drop", "context": "index_abc"},
-            {"action": "create", "context": {"columns": ["column_1", "column_2"], "type": "hash", "unique": True}},
-        ],
-    }
-
-    Either way, `get_materialized_view_configuration_changes` needs to align with `get_alter_materialized_view_as_sql`.
-    #} */
-    {{- log('Determining configuration changes on: ' ~ existing_relation) -}}
-    {%- do return(adapter.dispatch('get_materialized_view_configuration_changes', 'dbt')(existing_relation, new_config)) -%}
-{% endmacro %}
-
-
-{% macro default__get_materialized_view_configuration_changes(existing_relation, new_config) %}
-    {{ exceptions.raise_compiler_error("Materialized views have not been implemented for this adapter.") }}
-{% endmacro %}
diff --git a/core/dbt/include/global_project/macros/materializations/models/table/table.sql b/core/dbt/include/global_project/macros/materializations/models/table.sql
similarity index 100%
rename from core/dbt/include/global_project/macros/materializations/models/table/table.sql
rename to core/dbt/include/global_project/macros/materializations/models/table.sql
diff --git a/core/dbt/include/global_project/macros/materializations/models/view/view.sql b/core/dbt/include/global_project/macros/materializations/models/view.sql
similarity index 100%
rename from core/dbt/include/global_project/macros/materializations/models/view/view.sql
rename to core/dbt/include/global_project/macros/materializations/models/view.sql
diff --git a/core/dbt/include/global_project/macros/materializations/models/view/helpers.sql b/core/dbt/include/global_project/macros/materializations/models/view/helpers.sql
deleted file mode 100644
index 98f57018730..00000000000
--- a/core/dbt/include/global_project/macros/materializations/models/view/helpers.sql
+++ /dev/null
@@ -1,8 +0,0 @@
-{% macro handle_existing_table(full_refresh, old_relation) %}
-    {{ adapter.dispatch('handle_existing_table', 'dbt')(full_refresh, old_relation) }}
-{% endmacro %}
-
-{% macro default__handle_existing_table(full_refresh, old_relation) %}
-    {{ log("Dropping relation " ~ old_relation ~ " because it is of type " ~ old_relation.type) }}
-    {{ adapter.drop_relation(old_relation) }}
-{% endmacro %}
diff --git a/core/dbt/include/global_project/macros/materializations/models/table/columns_spec_ddl.sql b/core/dbt/include/global_project/macros/relations/column/columns_spec_ddl.sql
similarity index 100%
rename from core/dbt/include/global_project/macros/materializations/models/table/columns_spec_ddl.sql
rename to core/dbt/include/global_project/macros/relations/column/columns_spec_ddl.sql
diff --git a/core/dbt/include/global_project/macros/relations/materialized_view/_replace.sql b/core/dbt/include/global_project/macros/relations/materialized_view/_replace.sql
deleted file mode 100644
index 5f227b864e2..00000000000
--- a/core/dbt/include/global_project/macros/relations/materialized_view/_replace.sql
+++ /dev/null
@@ -1,14 +0,0 @@
-{# /*
-This only exists for backwards compatibility for 1.6.0. In later versions, the general `get_replace_sql`
-macro is called as replace is inherently not limited to a single relation (it takes in two relations).
-*/ #}
-
-{% macro get_replace_materialized_view_as_sql(relation, sql, existing_relation, backup_relation, intermediate_relation) %}
-    {{- log('Applying REPLACE to: ' ~ relation) -}}
-    {{- adapter.dispatch('get_replace_materialized_view_as_sql', 'dbt')(relation, sql, existing_relation, backup_relation, intermediate_relation) -}}
-{% endmacro %}
-
-
-{% macro default__get_replace_materialized_view_as_sql(relation, sql, existing_relation, backup_relation, intermediate_relation) %}
-    {{ exceptions.raise_compiler_error("Materialized views have not been implemented for this adapter.") }}
-{% endmacro %}
diff --git a/core/dbt/include/global_project/macros/relations/materialized_view/alter.sql b/core/dbt/include/global_project/macros/relations/materialized_view/alter.sql
index b9ccdc2f141..3952ae88919 100644
--- a/core/dbt/include/global_project/macros/relations/materialized_view/alter.sql
+++ b/core/dbt/include/global_project/macros/relations/materialized_view/alter.sql
@@ -28,3 +28,28 @@
 ) %}
     {{ exceptions.raise_compiler_error("Materialized views have not been implemented for this adapter.") }}
 {% endmacro %}
+
+
+{% macro get_materialized_view_configuration_changes(existing_relation, new_config) %}
+    /* {#
+    It's recommended that configuration changes be formatted as follows:
+    {"<change_category>": [{"action": "<name>", "context": ...}]}
+
+    For example:
+    {
+        "indexes": [
+            {"action": "drop", "context": "index_abc"},
+            {"action": "create", "context": {"columns": ["column_1", "column_2"], "type": "hash", "unique": True}},
+        ],
+    }
+
+    Either way, `get_materialized_view_configuration_changes` needs to align with `get_alter_materialized_view_as_sql`.
+    #} */
+    {{- log('Determining configuration changes on: ' ~ existing_relation) -}}
+    {%- do return(adapter.dispatch('get_materialized_view_configuration_changes', 'dbt')(existing_relation, new_config)) -%}
+{% endmacro %}
+
+
+{% macro default__get_materialized_view_configuration_changes(existing_relation, new_config) %}
+    {{ exceptions.raise_compiler_error("Materialized views have not been implemented for this adapter.") }}
+{% endmacro %}
diff --git a/core/dbt/include/global_project/macros/relations/materialized_view/replace.sql b/core/dbt/include/global_project/macros/relations/materialized_view/replace.sql
new file mode 100644
index 00000000000..0660f86b564
--- /dev/null
+++ b/core/dbt/include/global_project/macros/relations/materialized_view/replace.sql
@@ -0,0 +1,10 @@
+{% macro get_replace_materialized_view_sql(relation, sql) %}
+    {{- adapter.dispatch('get_replace_materialized_view_sql', 'dbt')(relation, sql) -}}
+{% endmacro %}
+
+
+{% macro default__get_replace_materialized_view_sql(relation, sql) %}
+    {{ exceptions.raise_compiler_error(
+        "`get_replace_materialized_view_sql` has not been implemented for this adapter."
+    ) }}
+{% endmacro %}
diff --git a/core/dbt/include/global_project/macros/relations/replace.sql b/core/dbt/include/global_project/macros/relations/replace.sql
index 77c6c8baa0e..61c72cd3f4f 100644
--- a/core/dbt/include/global_project/macros/relations/replace.sql
+++ b/core/dbt/include/global_project/macros/relations/replace.sql
@@ -6,14 +6,29 @@
 
 {% macro default__get_replace_sql(existing_relation, target_relation, sql) %}
 
+    {# /* use a create or replace statement if possible */ #}
+
+    {% set is_replaceable = existing_relation.type == target_relation_type and existing_relation.is_replaceable %}
+
+    {% if is_replaceable and existing_relation.is_view %}
+        {{ get_replace_view_sql(target_relation, sql) }}
+
+    {% elif is_replaceable and existing_relation.is_table %}
+        {{ get_replace_table_sql(target_relation, sql) }}
+
+    {% elif is_replaceable and existing_relation.is_materialized_view %}
+        {{ get_replace_materialized_view_sql(target_relation, sql) }}
+
+    {# /* a create or replace statement is not possible, so try to stage and/or backup to be safe */ #}
+
     {# /* create target_relation as an intermediate relation, then swap it out with the existing one using a backup */ #}
-    {%- if target_relation.can_be_renamed and existing_relation.can_be_renamed -%}
+    {%- elif target_relation.can_be_renamed and existing_relation.can_be_renamed -%}
         {{ get_create_intermediate_sql(target_relation, sql) }};
         {{ get_create_backup_sql(existing_relation) }};
         {{ get_rename_intermediate_sql(target_relation) }};
         {{ get_drop_backup_sql(existing_relation) }}
 
-    {# /* create target_relation as an intermediate relation, then swap it out with the existing one using drop */ #}
+    {# /* create target_relation as an intermediate relation, then swap it out with the existing one without using a backup */ #}
     {%- elif target_relation.can_be_renamed -%}
         {{ get_create_intermediate_sql(target_relation, sql) }};
         {{ get_drop_sql(existing_relation) }};
diff --git a/core/dbt/include/global_project/macros/materializations/models/table/create_table_as.sql b/core/dbt/include/global_project/macros/relations/table/create.sql
similarity index 100%
rename from core/dbt/include/global_project/macros/materializations/models/table/create_table_as.sql
rename to core/dbt/include/global_project/macros/relations/table/create.sql
diff --git a/core/dbt/include/global_project/macros/relations/table/replace.sql b/core/dbt/include/global_project/macros/relations/table/replace.sql
new file mode 100644
index 00000000000..69bfa2deeb8
--- /dev/null
+++ b/core/dbt/include/global_project/macros/relations/table/replace.sql
@@ -0,0 +1,10 @@
+{% macro get_replace_table_sql(relation, sql) %}
+    {{- adapter.dispatch('get_replace_table_sql', 'dbt')(relation, sql) -}}
+{% endmacro %}
+
+
+{% macro default__get_replace_table_sql(relation, sql) %}
+    {{ exceptions.raise_compiler_error(
+        "`get_replace_table_sql` has not been implemented for this adapter."
+    ) }}
+{% endmacro %}
diff --git a/core/dbt/include/global_project/macros/materializations/models/view/create_view_as.sql b/core/dbt/include/global_project/macros/relations/view/create.sql
similarity index 100%
rename from core/dbt/include/global_project/macros/materializations/models/view/create_view_as.sql
rename to core/dbt/include/global_project/macros/relations/view/create.sql
diff --git a/core/dbt/include/global_project/macros/materializations/models/view/create_or_replace_view.sql b/core/dbt/include/global_project/macros/relations/view/replace.sql
similarity index 71%
rename from core/dbt/include/global_project/macros/materializations/models/view/create_or_replace_view.sql
rename to core/dbt/include/global_project/macros/relations/view/replace.sql
index e4279a0b124..1da061347db 100644
--- a/core/dbt/include/global_project/macros/materializations/models/view/create_or_replace_view.sql
+++ b/core/dbt/include/global_project/macros/relations/view/replace.sql
@@ -1,3 +1,15 @@
+{% macro get_replace_view_sql(relation, sql) %}
+    {{- adapter.dispatch('get_replace_view_sql', 'dbt')(relation, sql) -}}
+{% endmacro %}
+
+
+{% macro default__get_replace_view_sql(relation, sql) %}
+    {{ exceptions.raise_compiler_error(
+        "`get_replace_view_sql` has not been implemented for this adapter."
+    ) }}
+{% endmacro %}
+
+
 /* {#
        Core materialization implementation. BigQuery and Snowflake are similar
        because both can use `create or replace view` where the resulting view's columns
@@ -42,3 +54,13 @@
   {{ return({'relations': [target_relation]}) }}
 
 {% endmacro %}
+
+
+{% macro handle_existing_table(full_refresh, old_relation) %}
+    {{ adapter.dispatch('handle_existing_table', 'dbt')(full_refresh, old_relation) }}
+{% endmacro %}
+
+{% macro default__handle_existing_table(full_refresh, old_relation) %}
+    {{ log("Dropping relation " ~ old_relation ~ " because it is of type " ~ old_relation.type) }}
+    {{ adapter.drop_relation(old_relation) }}
+{% endmacro %}
diff --git a/plugins/postgres/dbt/adapters/postgres/relation.py b/plugins/postgres/dbt/adapters/postgres/relation.py
index 26516af4819..e6a302d4143 100644
--- a/plugins/postgres/dbt/adapters/postgres/relation.py
+++ b/plugins/postgres/dbt/adapters/postgres/relation.py
@@ -21,11 +21,19 @@
 
 @dataclass(frozen=True, eq=False, repr=False)
 class PostgresRelation(BaseRelation):
-    relations_that_can_be_renamed = [
-        RelationType.View,
-        RelationType.Table,
-        RelationType.MaterializedView,
-    ]
+    renameable_relations = frozenset(
+        {
+            RelationType.View,
+            RelationType.Table,
+            RelationType.MaterializedView,
+        }
+    )
+    replaceable_relations = frozenset(
+        {
+            RelationType.View,
+            RelationType.Table,
+        }
+    )
 
     def __post_init__(self):
         # Check for length of Postgres table/view names.
diff --git a/plugins/postgres/dbt/include/postgres/macros/materializations/materialized_view.sql b/plugins/postgres/dbt/include/postgres/macros/materializations/materialized_view.sql
deleted file mode 100644
index 77457d1f7e9..00000000000
--- a/plugins/postgres/dbt/include/postgres/macros/materializations/materialized_view.sql
+++ /dev/null
@@ -1,5 +0,0 @@
-{% macro postgres__get_materialized_view_configuration_changes(existing_relation, new_config) %}
-    {% set _existing_materialized_view = postgres__describe_materialized_view(existing_relation) %}
-    {% set _configuration_changes = existing_relation.get_materialized_view_config_change_collection(_existing_materialized_view, new_config) %}
-    {% do return(_configuration_changes) %}
-{% endmacro %}
diff --git a/plugins/postgres/dbt/include/postgres/macros/relations/materialized_view/_replace.sql b/plugins/postgres/dbt/include/postgres/macros/relations/materialized_view/_replace.sql
deleted file mode 100644
index 8e536756604..00000000000
--- a/plugins/postgres/dbt/include/postgres/macros/relations/materialized_view/_replace.sql
+++ /dev/null
@@ -1,16 +0,0 @@
-{# /*
-This only exists for backwards compatibility for 1.6.0. In later versions, the general `get_replace_sql`
-macro is called as replace is inherently not limited to a single relation (it takes in two relations).
-*/ #}
-
-
-{% macro postgres__get_replace_materialized_view_as_sql(relation, sql, existing_relation, backup_relation, intermediate_relation) %}
-    {{- get_create_materialized_view_as_sql(intermediate_relation, sql) -}}
-
-    {% if existing_relation is not none %}
-        alter materialized view {{ existing_relation }} rename to {{ backup_relation.include(database=False, schema=False) }};
-    {% endif %}
-
-    alter materialized view {{ intermediate_relation }} rename to {{ relation.include(database=False, schema=False) }};
-
-{% endmacro %}
diff --git a/plugins/postgres/dbt/include/postgres/macros/relations/materialized_view/alter.sql b/plugins/postgres/dbt/include/postgres/macros/relations/materialized_view/alter.sql
index d1270303bd7..7592f802639 100644
--- a/plugins/postgres/dbt/include/postgres/macros/relations/materialized_view/alter.sql
+++ b/plugins/postgres/dbt/include/postgres/macros/relations/materialized_view/alter.sql
@@ -41,3 +41,10 @@
     {%- endfor -%}
 
 {%- endmacro -%}
+
+
+{% macro postgres__get_materialized_view_configuration_changes(existing_relation, new_config) %}
+    {% set _existing_materialized_view = postgres__describe_materialized_view(existing_relation) %}
+    {% set _configuration_changes = existing_relation.get_materialized_view_config_change_collection(_existing_materialized_view, new_config) %}
+    {% do return(_configuration_changes) %}
+{% endmacro %}
diff --git a/plugins/postgres/dbt/include/postgres/macros/relations/table/replace.sql b/plugins/postgres/dbt/include/postgres/macros/relations/table/replace.sql
new file mode 100644
index 00000000000..3750edfdf95
--- /dev/null
+++ b/plugins/postgres/dbt/include/postgres/macros/relations/table/replace.sql
@@ -0,0 +1,17 @@
+{% macro postgres__get_replace_table_sql(relation, sql) -%}
+
+    {%- set sql_header = config.get('sql_header', none) -%}
+    {{ sql_header if sql_header is not none }}
+
+    create or replace table {{ relation }}
+        {% set contract_config = config.get('contract') %}
+        {% if contract_config.enforced %}
+            {{ get_assert_columns_equivalent(sql) }}
+            {{ get_table_columns_and_constraints() }}
+            {%- set sql = get_select_subquery(sql) %}
+        {% endif %}
+    as (
+        {{ sql }}
+    );
+
+{%- endmacro %}
diff --git a/plugins/postgres/dbt/include/postgres/macros/relations/view/replace.sql b/plugins/postgres/dbt/include/postgres/macros/relations/view/replace.sql
new file mode 100644
index 00000000000..e2724c37e7c
--- /dev/null
+++ b/plugins/postgres/dbt/include/postgres/macros/relations/view/replace.sql
@@ -0,0 +1,15 @@
+{% macro postgres__get_replace_view_sql(relation, sql) -%}
+
+    {%- set sql_header = config.get('sql_header', none) -%}
+    {{ sql_header if sql_header is not none }}
+
+    create or replace view {{ relation }}
+        {% set contract_config = config.get('contract') %}
+        {% if contract_config.enforced %}
+            {{ get_assert_columns_equivalent(sql) }}
+        {%- endif %}
+    as (
+        {{ sql }}
+    );
+
+{%- endmacro %}
diff --git a/tests/unit/test_relation.py b/tests/unit/test_relation.py
index 77f87bd4461..94995958ba6 100644
--- a/tests/unit/test_relation.py
+++ b/tests/unit/test_relation.py
@@ -1,3 +1,5 @@
+from dataclasses import replace
+
 import pytest
 
 from dbt.adapters.base import BaseRelation
@@ -13,4 +15,28 @@
 )
 def test_can_be_renamed(relation_type, result):
     my_relation = BaseRelation.create(type=relation_type)
+    my_relation = replace(my_relation, renameable_relations=frozenset({RelationType.View}))
     assert my_relation.can_be_renamed is result
+
+
+def test_can_be_renamed_default():
+    my_relation = BaseRelation.create(type=RelationType.View)
+    assert my_relation.can_be_renamed is False
+
+
+@pytest.mark.parametrize(
+    "relation_type,result",
+    [
+        (RelationType.View, True),
+        (RelationType.External, False),
+    ],
+)
+def test_can_be_replaced(relation_type, result):
+    my_relation = BaseRelation.create(type=relation_type)
+    my_relation = replace(my_relation, replaceable_relations=frozenset({RelationType.View}))
+    assert my_relation.can_be_replaced is result
+
+
+def test_can_be_replaced_default():
+    my_relation = BaseRelation.create(type=RelationType.View)
+    assert my_relation.can_be_replaced is False