diff --git a/lib/internal/modules/esm/loader.js b/lib/internal/modules/esm/loader.js
index 3ca61f90d89d23..3dc748c175c844 100644
--- a/lib/internal/modules/esm/loader.js
+++ b/lib/internal/modules/esm/loader.js
@@ -6,11 +6,14 @@ require('internal/modules/cjs/loader');
 const {
   ArrayPrototypeJoin,
   ArrayPrototypeMap,
-  encodeURI,
+  ArrayPrototypeReduce,
   FunctionPrototypeCall,
   JSONStringify,
   ObjectSetPrototypeOf,
+  RegExpPrototypeSymbolReplace,
   SafeWeakMap,
+  encodeURIComponent,
+  hardenRegExp,
 } = primordials;
 
 const {
@@ -520,10 +523,18 @@ function createModuleLoader(useCustomLoadersIfPresent = true) {
     const userLoaderPaths = getOptionValue('--experimental-loader');
     if (userLoaderPaths.length > 0) {
       if (!emittedLoaderFlagWarning) {
+        const readableURIEncode = (string) => ArrayPrototypeReduce(
+          [
+            [/'/g, '%27'], // We need to URL-encode the single quote as it's the delimiter for the --import flag.
+            [/%22/g, '"'], // We can decode the double quotes to improve readability.
+            [/%2F/ig, '/'], // We can decode the slashes to improve readability.
+          ],
+          (str, { 0: regex, 1: replacement }) => RegExpPrototypeSymbolReplace(hardenRegExp(regex), str, replacement),
+          encodeURIComponent(string));
         process.emitWarning(
           '`--experimental-loader` may be removed in the future; instead use `register()`:\n' +
           `--import 'data:text/javascript,import { register } from "node:module"; import { pathToFileURL } from "node:url"; ${ArrayPrototypeJoin(
-            ArrayPrototypeMap(userLoaderPaths, (loader) => `register(${JSONStringify(encodeURI(loader))}, pathToFileURL("./"))`),
+            ArrayPrototypeMap(userLoaderPaths, (loader) => `register(${readableURIEncode(JSONStringify(loader))}, pathToFileURL("./"))`),
             '; ',
           )};'`,
           'ExperimentalWarning',