diff --git a/build/Shared/EqualityUtility.cs b/build/Shared/EqualityUtility.cs
index 91fbbd114b0..140188697e8 100644
--- a/build/Shared/EqualityUtility.cs
+++ b/build/Shared/EqualityUtility.cs
@@ -74,6 +74,12 @@ internal static bool SetEqualWithNullCheck<T>(
                 return identityEquals;
             }
 
+            // Verify they could be equal by count
+            if (self.Count != other.Count)
+            {
+                return false;
+            }
+
             if (comparer == null)
             {
                 comparer = EqualityComparer<T>.Default;
@@ -99,6 +105,12 @@ internal static bool DictionaryEquals<TKey, TValue>(
                 return identityEquals;
             }
 
+            // Verify they could be equal by count
+            if (self.Count != other.Count)
+            {
+                return false;
+            }
+
             if (!self.Keys.OrderedEquals(
                 other.Keys,
                 s => s,
diff --git a/src/NuGet.Core/NuGet.Commands/RestoreCommand/Logging/TransitiveNoWarnUtils.cs b/src/NuGet.Core/NuGet.Commands/RestoreCommand/Logging/TransitiveNoWarnUtils.cs
index 1f317ebfd81..367afcfe852 100644
--- a/src/NuGet.Core/NuGet.Commands/RestoreCommand/Logging/TransitiveNoWarnUtils.cs
+++ b/src/NuGet.Core/NuGet.Commands/RestoreCommand/Logging/TransitiveNoWarnUtils.cs
@@ -83,7 +83,7 @@ private static PackageSpecificWarningProperties ExtractTransitiveNoWarnPropertie
         {
             var dependencyMapping = new Dictionary<string, LookUpNode>(StringComparer.OrdinalIgnoreCase);
             var queue = new Queue<DependencyNode>();
-            var seen = new HashSet<DependencyNode>();
+            var seen = new Dictionary<string, HashSet<DependencyNode>>(StringComparer.OrdinalIgnoreCase);
             var resultWarningProperties = new PackageSpecificWarningProperties();
             var packageNoWarn = new Dictionary<string, HashSet<NuGetLogCode>>(StringComparer.OrdinalIgnoreCase);
 
@@ -147,7 +147,7 @@ private static PackageSpecificWarningProperties ExtractTransitiveNoWarnPropertie
                 parentPackageSpecificNoWarn);
 
             // Add the parent project to the seen set to prevent adding it back to the queue
-            seen.Add(new DependencyNode(id: parentProjectName,
+            AddToSeen(seen, new DependencyNode(id: parentProjectName,
                 isProject: true,
                 projectWideNoWarn: parentProjectWideNoWarn,
                 packageSpecificNoWarn: parentPackageSpecificNoWarn));
@@ -156,7 +156,11 @@ private static PackageSpecificWarningProperties ExtractTransitiveNoWarnPropertie
             while (queue.Count > 0)
             {
                 var node = queue.Dequeue();
-                if (seen.Add(node) && dependencyMapping.TryGetValue(node.Id, out var nodeLookUp))
+
+                // Check if the node has already been visited, or if the node is a NoWarn superset of
+                // an existing node. If this is a superset it will not provide any new paths where a
+                // warning should be shown.
+                if (AddToSeen(seen, node) && dependencyMapping.TryGetValue(node.Id, out var nodeLookUp))
                 {
                     var nodeId = node.Id;
                     var nodeIsProject = node.IsProject;
@@ -262,6 +266,44 @@ private static WarningPropertiesCollection GetNodeWarningProperties(
             return collection;
         }
 
+        /// <summary>
+        /// Add to the seen list for tracking.
+        /// </summary>
+        /// <returns>True if the node should be walked</returns>
+        private static bool AddToSeen(Dictionary<string, HashSet<DependencyNode>> seen, DependencyNode node)
+        {
+            var id = node.Id;
+
+            if (!seen.TryGetValue(id, out var visitedNodes))
+            {
+                // New id
+                visitedNodes = new HashSet<DependencyNode>() { node };
+                seen.Add(id, visitedNodes);
+                return true;
+            }
+
+            // Add the node for tracking, if a subset of this node
+            // has already been walked then skip it, it will not provide
+            // any new warning possibilities.
+            if (!visitedNodes.Add(node))
+            {
+                var nodeProps = node.NodeWarningProperties;
+
+                if (nodeProps != null)
+                {
+                    foreach (var existingNode in visitedNodes)
+                    {
+                        if (nodeProps.IsSubSetOf(existingNode.NodeWarningProperties))
+                        {
+                            return false;
+                        }
+                    }
+                }
+            }
+
+            return true;
+        }
+
         private static void AddDependenciesToQueue(IEnumerable<LibraryDependency> dependencies, 
             Queue<DependencyNode> queue, 
             HashSet<NuGetLogCode> projectWideNoWarn,
@@ -728,6 +770,79 @@ public bool Equals(NodeWarningProperties other)
                 return EqualityUtility.SetEqualWithNullCheck(ProjectWide, other.ProjectWide) &&
                     EqualityUtility.DictionaryEquals(PackageSpecific, other.PackageSpecific, (s, o) => EqualityUtility.SetEqualWithNullCheck(s, o));
             }
+
+            /// <summary>
+            /// True if the given set is a subset of this set, or equal to it.
+            /// </summary>
+            /// <remarks>Null is considered an empty set, and will return true.</remarks>
+            public bool IsSubSetOf(NodeWarningProperties other)
+            {
+                if (other == null)
+                {
+                    return true;
+                }
+
+                if (ReferenceEquals(this, other))
+                {
+                    return true;
+                }
+
+                if (IsSubSetOfWithNullCheck(ProjectWide, other.ProjectWide))
+                {
+                    var package = PackageSpecific;
+                    var otherPackage = other.PackageSpecific;
+
+                    if (otherPackage == null || otherPackage.Count == 0)
+                    {
+                        return true;
+                    }
+
+                    if (package == null || package.Count == 0)
+                    {
+                        return false;
+                    }
+
+                    if (otherPackage.Count <= package.Count)
+                    {
+                        // To be subset this set of package specific warnings must contain
+                        // every id and code found in other. A single miss will fail the check.
+                        foreach (var pair in otherPackage)
+                        {
+                            if (!package.TryGetValue(pair.Key, out var codes)
+                                || !codes.IsSubsetOf(pair.Value))
+                            {
+                                return false;
+                            }
+                        }
+                    }
+
+                    return true;
+                }
+
+                return false;
+            }
+
+            private static bool IsSubSetOfWithNullCheck(HashSet<NuGetLogCode> parent, HashSet<NuGetLogCode> other)
+            {
+                // Null is empty and always a subset.
+                if (other == null || other.Count == 0)
+                {
+                    return true;
+                }
+
+                //  A null or empty parent cannot be a superset.
+                if (parent == null || parent.Count == 0)
+                {
+                    return false;
+                }
+
+                if (other.Count <= parent.Count)
+                {
+                    return parent.IsSubsetOf(other);
+                }
+
+                return false;
+            }
         }
     }
 }
diff --git a/test/NuGet.Core.Tests/NuGet.Commands.Test/StandaloneProjectTests.cs b/test/NuGet.Core.Tests/NuGet.Commands.Test/StandaloneProjectTests.cs
index f99ff3f9cf6..365c56f9723 100644
--- a/test/NuGet.Core.Tests/NuGet.Commands.Test/StandaloneProjectTests.cs
+++ b/test/NuGet.Core.Tests/NuGet.Commands.Test/StandaloneProjectTests.cs
@@ -1,4 +1,4 @@
-// Copyright (c) .NET Foundation. All rights reserved.
+// Copyright (c) .NET Foundation. All rights reserved.
 // Licensed under the Apache License, Version 2.0. See License.txt in the project root for license information.
 
 using System;
@@ -47,6 +47,7 @@ public async Task StandaloneProject_BasicRestore()
                 spec.RestoreMetadata.OutputPath = Path.Combine(pathContext.SolutionRoot, "x");
                 spec.RestoreMetadata.ProjectUniqueName = "x";
                 spec.RestoreMetadata.ProjectName = "x";
+                spec.RestoreMetadata.ProjectPath = Path.Combine(pathContext.SolutionRoot, "x.csproj");
 
                 dgFile.AddProject(spec);
                 dgFile.AddRestore("x");