diff --git a/include/onnxruntime/core/providers/utils/ort_graph_to_proto.h b/include/onnxruntime/core/providers/utils/ort_graph_to_proto.h
index 37665542f614f..9dfde75f2ea02 100644
--- a/include/onnxruntime/core/providers/utils/ort_graph_to_proto.h
+++ b/include/onnxruntime/core/providers/utils/ort_graph_to_proto.h
@@ -75,6 +75,44 @@
      // graph_proto stores large initializers in an external file
    }
    ```
+
+ EXAMPLE SNIPPET (external initializers that point to data in memory, not officially supported by ONNX spec):
+
+   This example stores initializers externally. However, instead of storing the initializers in a separate
+   file, the onnx::TensorProto objects point directly to memory addresses. This requires setting the initializer's
+   location to a special tag like "_MEM_ADDR_" (instead of a file path). The offset is set to the pointer to the
+   initializer's data in memory (instead of an offset into a file).
+
+   Because this is not standard ONNX, such a onnx::GraphProto should not be saved as an ONNX file.
+   However, it allows custom tools that operate directly on a onnx::GraphProto to get the initializer data
+   if it has already been loaded into memory.
+
+   ```C++
+   #define ORT_EP_UTILS_ORT_GRAPH_TO_PROTO_IMPL
+   #include "ort_graph_to_proto.h"
+
+   OrtStatus* ORT_API_CALL GetCapabilityImpl(OrtEp* this_ptr, const OrtGraph* ort_graph,
+                                             OrtEpGraphSupportInfo* graph_support_info) {
+     auto handle_initializer_data = [](const OrtValueInfo* value_info,
+                                       const void* data, size_t bytes,
+                                       bool& is_external, std::string& location,
+                                       int64_t& offset) -> Ort::Status {
+       (void)value_info;
+       (void)bytes;
+
+       offset = reinterpret_cast<int64_t>(data);
+       location = "_MEM_ADDR_";  // Some special location tag that indicates the offset is a pointer.
+       is_external = true;  // True if is external initializer
+       return Ort::Status{nullptr};
+     }
+
+     ONNX_NAMESPACE::GraphProto graph_proto;
+     OrtEpUtils::OrtGraphToProto(*ort_graph, graph_proto, handle_initializer_data);
+
+     // graph_proto has initializers that look like they are stored in an external file,
+     // but they are actually pointing to the data in memory.
+   }
+   ```
 */
 
 #ifndef INCLUDE_ONNXRUNTIME_CORE_PROVIDERS_UTILS_ORT_GRAPH_TO_PROTO_H_
diff --git a/include/onnxruntime/core/session/onnxruntime_c_api.h b/include/onnxruntime/core/session/onnxruntime_c_api.h
index 82e782112974f..b04cc78b88c9e 100644
--- a/include/onnxruntime/core/session/onnxruntime_c_api.h
+++ b/include/onnxruntime/core/session/onnxruntime_c_api.h
@@ -5459,9 +5459,12 @@ struct OrtApi {
    * Supports initializers defined in an outer scope (i.e., a parent graph).
    *
    * \param[in] value_info The OrtValueInfo instance.
-   * \param[out] initializer_value Output parameter set to the initializer value or NULL.
+   * \param[out] initializer_value Output parameter set to the initializer value or NULL. The OrtValue data pointer
+   *                               (obtained via GetTensorData) is stable during the lifetime of the OrtSession
+   *                               that owns the OrtGraph.
    *
    * \snippet{doc} snippets.dox OrtStatus Return Value
+   *
    * \since Version 1.23.
    */
   ORT_API2_STATUS(ValueInfo_GetInitializerValue, _In_ const OrtValueInfo* value_info,
diff --git a/onnxruntime/test/ep_graph/test_ep_graph.cc b/onnxruntime/test/ep_graph/test_ep_graph.cc
index 17e829e37f729..890bba2c52628 100644
--- a/onnxruntime/test/ep_graph/test_ep_graph.cc
+++ b/onnxruntime/test/ep_graph/test_ep_graph.cc
@@ -178,6 +178,77 @@ TEST(EpGraphTest, SerializeToProto_Mnist) {
   EXPECT_EQ(output_serialized, output_original);
 }
 
+// Test serializing an OrtGraph (MNIST) to GraphProto. Initializers are configured as "external" but point to
+// existing data in memory (not standard ONNX).
+TEST(EpGraphTest, SerializeToProto_ExternalInitializersInMemory) {
+  const ORTCHAR_T* original_model_path = ORT_TSTR("testdata/mnist.onnx");
+  auto test_graph = TestGraph::Load(original_model_path);
+  ASSERT_NE(test_graph, nullptr) << "Failed to load test model";
+
+  const OrtGraph& ort_graph = test_graph->GetOrtGraph();
+
+  auto handle_initializer_data = [](const OrtValueInfo* value_info,
+                                    const void* data, size_t bytes,
+                                    bool& is_external, std::string& location,
+                                    int64_t& offset) -> Ort::Status {
+    (void)value_info;
+    (void)bytes;
+
+    offset = reinterpret_cast<int64_t>(data);
+    location = "_MEM_ADDR_";
+    is_external = true;  // True if is external initializer.
+
+    return Ort::Status{nullptr};
+  };
+
+  ONNX_NAMESPACE::GraphProto graph_proto;
+  OrtEpUtils::OrtGraphToProto(ort_graph, graph_proto, handle_initializer_data);
+
+  // Verify that TensorProto objects within GraphProto point to memory owned by OrtValues in the OrtGraph.
+  const OrtApi& ort_api = Ort::GetApi();
+
+  size_t api_num_initializers = 0;
+  ASSERT_ORTSTATUS_OK(ort_api.Graph_GetNumInitializers(&ort_graph, &api_num_initializers));
+
+  std::vector<const OrtValueInfo*> api_initializers(api_num_initializers);
+  ASSERT_ORTSTATUS_OK(ort_api.Graph_GetInitializers(&ort_graph, api_initializers.data(), api_initializers.size()));
+
+  const auto& tensor_protos = graph_proto.initializer();
+  ASSERT_EQ(tensor_protos.size(), api_num_initializers);
+
+  std::unordered_map<std::string, const ONNX_NAMESPACE::TensorProto*> tensor_proto_map;
+  for (const auto& tensor_proto : tensor_protos) {
+    tensor_proto_map.emplace(tensor_proto.name(), &tensor_proto);
+  }
+
+  for (size_t i = 0; i < api_num_initializers; ++i) {
+    const OrtValue* ort_value = nullptr;
+    const void* ort_value_data = nullptr;
+    const char* value_name = nullptr;
+
+    ASSERT_ORTSTATUS_OK(ort_api.GetValueInfoName(api_initializers[i], &value_name));
+    ASSERT_ORTSTATUS_OK(ort_api.ValueInfo_GetInitializerValue(api_initializers[i], &ort_value));
+    ASSERT_ORTSTATUS_OK(ort_api.GetTensorData(ort_value, &ort_value_data));
+
+    auto iter = tensor_proto_map.find(value_name);
+    ASSERT_NE(iter, tensor_proto_map.end());
+    const ONNX_NAMESPACE::TensorProto* tensor_proto = iter->second;
+    ONNX_NAMESPACE::TensorProto_DataLocation data_location = tensor_proto->data_location();
+    ASSERT_EQ(data_location, ONNX_NAMESPACE::TensorProto_DataLocation_EXTERNAL);
+
+    const auto& ext_data_entries = tensor_proto->external_data();
+    const ONNX_NAMESPACE::StringStringEntryProto& location_entry = ext_data_entries[0];
+    const ONNX_NAMESPACE::StringStringEntryProto& offset_entry = ext_data_entries[1];
+
+    ASSERT_EQ(location_entry.key(), "location");
+    ASSERT_EQ(location_entry.value(), "_MEM_ADDR_");
+    ASSERT_EQ(offset_entry.key(), "offset");
+
+    long long offset_int = std::stoll(offset_entry.value());
+    ASSERT_EQ(offset_int, reinterpret_cast<long long>(ort_value_data));
+  }
+}
+
 static void Run3LayerModel(const ORTCHAR_T* model_path, bool input_cond, std::vector<float>& output_data) {
   auto memory_info = Ort::MemoryInfo::CreateCpu(OrtDeviceAllocator, OrtMemTypeCPU);
   Ort::SessionOptions sess_options;