diff --git a/packages/rulesets/src/oas/__tests__/oas3-links-parameters-expressions.test.ts b/packages/rulesets/src/oas/__tests__/oas3-links-parameters-expressions.test.ts
new file mode 100644
index 000000000..971c05214
--- /dev/null
+++ b/packages/rulesets/src/oas/__tests__/oas3-links-parameters-expressions.test.ts
@@ -0,0 +1,46 @@
+import { DiagnosticSeverity } from '@stoplight/types';
+import testRule from '../../__tests__/__helpers__/tester';
+
+testRule('oas3-links-parameters-expression', [
+  {
+    name: 'all link objects are validated and correct error object produced',
+    document: {
+      openapi: '3.0.3',
+      info: {
+        title: 'response example',
+        version: '1.0',
+      },
+      paths: {
+        '/user': {
+          get: {
+            responses: {
+              200: {
+                description: 'dummy description',
+                links: {
+                  link1: {
+                    parameters: '$invalidkeyword',
+                  },
+                  link2: {
+                    parameters: '$invalidkeyword',
+                  },
+                },
+              },
+            },
+          },
+        },
+      },
+    },
+    errors: [
+      {
+        message: 'Expressions must start with one of: `$url`, `$method`, `$statusCode`, `$request.`,`$response.`',
+        path: ['paths', '/user', 'get', 'responses', '200', 'links', 'link1', 'parameters'],
+        severity: DiagnosticSeverity.Error,
+      },
+      {
+        message: 'Expressions must start with one of: `$url`, `$method`, `$statusCode`, `$request.`,`$response.`',
+        path: ['paths', '/user', 'get', 'responses', '200', 'links', 'link2', 'parameters'],
+        severity: DiagnosticSeverity.Error,
+      },
+    ],
+  },
+]);
diff --git a/packages/rulesets/src/oas/functions/__tests__/runtimeExpression.test.ts b/packages/rulesets/src/oas/functions/__tests__/runtimeExpression.test.ts
new file mode 100644
index 000000000..bbf65c31d
--- /dev/null
+++ b/packages/rulesets/src/oas/functions/__tests__/runtimeExpression.test.ts
@@ -0,0 +1,113 @@
+import type { DeepPartial } from '@stoplight/types';
+import type { RulesetFunctionContext } from '@stoplight/spectral-core';
+import runtimeExpression from '../runtimeExpression';
+
+function runRuntimeExpression(targetVal: unknown, context?: DeepPartial<RulesetFunctionContext>) {
+  // @ts-expect-error: string is expected
+  return runtimeExpression(targetVal, null, {
+    path: ['paths', '/path', 'get', 'responses', '200', 'links', 'link', 'parameters', 'param'],
+    documentInventory: {},
+    ...context,
+  } as RulesetFunctionContext);
+}
+
+describe('runtimeExpression', () => {
+  describe('valid expressions, negative tests', () => {
+    test.each(['$url', '$method', '$statusCode'])('no messages for valid expressions', expr => {
+      expect(runRuntimeExpression(expr)).toBeUndefined();
+    });
+
+    test.each([{ obj: 'object' }, ['1'], 1])('no messages for non-strings', expr => {
+      expect(runRuntimeExpression(expr)).toBeUndefined();
+    });
+
+    test.each(['$request.body', '$response.body'])('no messages for valid expressions', expr => {
+      expect(runRuntimeExpression(expr)).toBeUndefined();
+    });
+
+    test.each(['$request.body#/chars/in/range/0x00-0x2E/0x30-0x7D/0x7F-0x10FFFF', '$response.body#/simple/path'])(
+      'no messages for valid expressions',
+      expr => {
+        expect(runRuntimeExpression(expr)).toBeUndefined();
+      },
+    );
+
+    test.each(['$request.body#/~0', '$response.body#/~1'])('no messages for valid expressions', expr => {
+      expect(runRuntimeExpression(expr)).toBeUndefined();
+    });
+
+    test.each([
+      '$request.query.query-name',
+      '$response.query.QUERY-NAME',
+      '$request.path.path-name',
+      '$response.path.PATH-NAME',
+    ])('no messages for valid expressions', expr => {
+      expect(runRuntimeExpression(expr)).toBeUndefined();
+    });
+
+    test.each(["$request.header.a-zA-Z0-9!#$%&'*+-.^_`|~"])('no messages for valid expressions', expr => {
+      expect(runRuntimeExpression(expr)).toBeUndefined();
+    });
+  });
+
+  describe('invalid expressions, positive tests', () => {
+    test.each(['$invalidkeyword'])('error for invalid base keyword', expr => {
+      const results = runRuntimeExpression(expr);
+      expect(results).toEqual([
+        expect.objectContaining({
+          message: 'Expressions must start with one of: `$url`, `$method`, `$statusCode`, `$request.`,`$response.`',
+        }),
+      ]);
+    });
+
+    test.each(['$request.invalidkeyword', '$response.invalidkeyword'])('second key invalid', expr => {
+      const results = runRuntimeExpression(expr);
+      expect(results).toEqual([
+        expect.objectContaining({
+          message: '`$request.` and `$response.` must be followed by one of: `header.`, `query.`, `body`, `body#`',
+        }),
+      ]);
+    });
+
+    test.each(['$request.body#.uses.dots.as.delimiters', '$response.body#.uses.dots.as.delimiters'])(
+      'should error for using `.` as delimiter in json pointer',
+      expr => {
+        const results = runRuntimeExpression(expr);
+        expect(results).toEqual([expect.objectContaining({ message: '`body#` must be followed by `/`' })]);
+      },
+    );
+
+    test.each(['$request.body#/no/tilde/tokens/in/unescaped~', '$response.body#/invalid/escaped/~01'])(
+      'errors for incorrect reference tokens',
+      expr => {
+        const results = runRuntimeExpression(expr);
+        expect(results).toEqual([
+          expect.objectContaining({
+            message:
+              'String following `body#` is not a valid JSON pointer, see https://spec.openapis.org/oas/v3.1.0#runtime-expressions for more information',
+          }),
+        ]);
+      },
+    );
+
+    test.each(['$request.query.', '$response.query.'])('error for invalid name', expr => {
+      const invalidString = String.fromCodePoint(0x80);
+      const results = runRuntimeExpression(expr + invalidString);
+      expect(results).toEqual([
+        expect.objectContaining({
+          message: 'String following `query.` and `path.` must only include ascii characters 0x01-0x7F.',
+        }),
+      ]);
+    });
+
+    test.each(['$request.header.', '$request.header.(invalid-parentheses)', '$response.header.no,commas'])(
+      'error for invalid tokens',
+      expr => {
+        const results = runRuntimeExpression(expr);
+        expect(results).toEqual([
+          expect.objectContaining({ message: 'Must provide valid header name after `header.`' }),
+        ]);
+      },
+    );
+  });
+});
diff --git a/packages/rulesets/src/oas/functions/runtimeExpression.ts b/packages/rulesets/src/oas/functions/runtimeExpression.ts
new file mode 100644
index 000000000..b5869bf06
--- /dev/null
+++ b/packages/rulesets/src/oas/functions/runtimeExpression.ts
@@ -0,0 +1,110 @@
+import { createRulesetFunction } from '@stoplight/spectral-core';
+import type { IFunctionResult } from '@stoplight/spectral-core';
+
+export default createRulesetFunction<string, null>(
+  {
+    input: {
+      type: 'string',
+    },
+    options: null,
+  },
+  function runtimeExpressions(exp) {
+    if (['$url', '$method', '$statusCode'].includes(exp)) {
+      // valid expression
+      return;
+    } else if (exp.startsWith('$request.') || exp.startsWith('$response.')) {
+      return validateSource(exp.replace(/^\$(request\.|response\.)/, ''));
+    }
+
+    return [
+      {
+        message: 'Expressions must start with one of: `$url`, `$method`, `$statusCode`, `$request.`,`$response.`',
+      },
+    ];
+  },
+);
+
+function validateSource(source: string): void | IFunctionResult[] {
+  if (source === 'body') {
+    // valid expression
+    return;
+  } else if (source.startsWith('body#')) {
+    return validateJsonPointer(source.replace(/^body#/, ''));
+  } else if (source.startsWith('query.') || source.startsWith('path.')) {
+    return validateName(source.replace(/^(query\.|path\.)/, ''));
+  } else if (source.startsWith('header.')) {
+    return validateToken(source.replace(/^header\./, ''));
+  }
+
+  return [
+    {
+      message: '`$request.` and `$response.` must be followed by one of: `header.`, `query.`, `body`, `body#`',
+    },
+  ];
+}
+
+function validateJsonPointer(jsonPointer: string): void | IFunctionResult[] {
+  if (!jsonPointer.startsWith('/')) {
+    return [
+      {
+        message: '`body#` must be followed by `/`',
+      },
+    ];
+  }
+
+  while (jsonPointer.includes('/')) {
+    // remove everything up to and including the first `/`
+    jsonPointer = jsonPointer.replace(/[^/]*\//, '');
+    // get substring before the next `/`
+    const referenceToken: string = jsonPointer.includes('/')
+      ? jsonPointer.slice(0, jsonPointer.indexOf('/'))
+      : jsonPointer;
+    if (!isValidReferenceToken(referenceToken)) {
+      return [
+        {
+          message:
+            'String following `body#` is not a valid JSON pointer, see https://spec.openapis.org/oas/v3.1.0#runtime-expressions for more information',
+        },
+      ];
+    }
+  }
+}
+
+function validateName(name: string): void | IFunctionResult[] {
+  // zero or more of characters in the ASCII range 0x01-0x7F
+  // eslint-disable-next-line no-control-regex
+  const validName = /^[\x01-\x7F]*$/;
+  if (!validName.test(name)) {
+    return [
+      {
+        message: 'String following `query.` and `path.` must only include ascii characters 0x01-0x7F.',
+      },
+    ];
+  }
+}
+
+function validateToken(token: string): void | IFunctionResult[] {
+  // one or more of the given tchar characters
+  const validTCharString = /^[a-zA-Z0-9!#$%&'*+\-.^_`|~]+$/;
+  if (!validTCharString.test(token)) {
+    return [
+      {
+        message: 'Must provide valid header name after `header.`',
+      },
+    ];
+  }
+}
+
+function isValidReferenceToken(referenceToken: string): boolean {
+  return isValidEscaped(referenceToken) || isValidUnescaped(referenceToken);
+}
+
+function isValidEscaped(escaped: string): boolean {
+  // escaped must be empty/null or match the given pattern
+  return /^(~[01])?$/.test(escaped);
+}
+
+function isValidUnescaped(unescaped: string): boolean {
+  // unescaped may be empty/null, expect no `/` and no `~` chars
+  return !/[/~]/.test(unescaped);
+}
diff --git a/packages/rulesets/src/oas/index.ts b/packages/rulesets/src/oas/index.ts
index 62057d456..b256e4d30 100644
--- a/packages/rulesets/src/oas/index.ts
+++ b/packages/rulesets/src/oas/index.ts
@@ -26,6 +26,7 @@ import {
   oasDiscriminator,
 } from './functions';
 import { uniquenessTags } from '../shared/functions';
+import runtimeExpression from './functions/runtimeExpression';
 import serverVariables from '../shared/functions/serverVariables';
 
 export { ruleset as default };
@@ -727,6 +728,17 @@ const ruleset = {
         function: oasUnusedComponent,
       },
     },
+    'oas3-links-parameters-expression': {
+      description: "The links.parameters object's values should be valid runtime expressions.",
+      message: '{{error}}',
+      severity: 0,
+      formats: [oas3],
+      recommended: true,
+      given: '#ResponseObject.links[*].parameters',
+      then: {
+        function: runtimeExpression,
+      },
+    },
     'oas3-server-variables': {
       description: 'Server variables must be defined and valid and there must be no unused variables.',
       message: '{{error}}',