diff --git a/examples/ethernet/iperf/main/ethernet_iperf_main.c b/examples/ethernet/iperf/main/ethernet_iperf_main.c
index a1259dd0c1c..04155b54768 100644
--- a/examples/ethernet/iperf/main/ethernet_iperf_main.c
+++ b/examples/ethernet/iperf/main/ethernet_iperf_main.c
@@ -23,6 +23,8 @@ static const char *TAG = "eth_example";
 static esp_eth_handle_t *s_eth_handles = NULL;
 static uint8_t s_eth_port_cnt = 0;
 
+static SemaphoreHandle_t ip_got_sem;
+
 #if CONFIG_EXAMPLE_STORE_HISTORY
 
 #define MOUNT_PATH "/data"
@@ -43,8 +45,20 @@ static void initialize_filesystem(void)
 }
 #endif // CONFIG_EXAMPLE_STORE_HISTORY
 
+static void got_ip_event_handler(void *arg, esp_event_base_t event_base,
+                                 int32_t event_id, void *event_data)
+{
+    xSemaphoreGive(ip_got_sem);
+}
+
 void init_ethernet_and_netif(void)
 {
+    ip_got_sem = xSemaphoreCreateBinary();
+    if (ip_got_sem == NULL) {
+        ESP_LOGE(TAG, "Failed to create semaphore");
+        return;
+    }
+
     ESP_ERROR_CHECK(esp_event_loop_create_default());
 
     ESP_ERROR_CHECK(example_eth_init(&s_eth_handles, &s_eth_port_cnt));
@@ -71,9 +85,15 @@ void init_ethernet_and_netif(void)
         ESP_ERROR_CHECK(esp_netif_attach(eth_netif, esp_eth_new_netif_glue(s_eth_handles[i])));
     }
 
+    ESP_ERROR_CHECK(esp_event_handler_register(IP_EVENT, IP_EVENT_ETH_GOT_IP, &got_ip_event_handler, NULL));
+
     for (int i = 0; i < s_eth_port_cnt; i++) {
         ESP_ERROR_CHECK(esp_eth_start(s_eth_handles[i]));
     }
+
+    if (xSemaphoreTake(ip_got_sem, portMAX_DELAY) != pdTRUE) {
+        ESP_LOGE(TAG, "Timeout waiting for ETH IP");
+    }
 }
 
 void app_main(void)
diff --git a/examples/ethernet/iperf/pytest_eth_iperf.py b/examples/ethernet/iperf/pytest_eth_iperf.py
index 36fcc53b356..5fa3a956e70 100644
--- a/examples/ethernet/iperf/pytest_eth_iperf.py
+++ b/examples/ethernet/iperf/pytest_eth_iperf.py
@@ -30,6 +30,12 @@ except ImportError:
 NO_BANDWIDTH_LIMIT = -1  # iperf send bandwidth is not limited
 
 
+def get_ip_and_wait_prompt(dut: Dut) -> Any:
+    dut_ip = dut.expect(r'esp_netif_handlers: .+ ip: (\d+\.\d+\.\d+\.\d+),').group(1)
+    dut.expect('iperf>')
+    return dut_ip
+
+
 class IperfTestUtilityEth(IperfUtility.IperfTestUtility):
     """iperf test implementation"""
 
@@ -52,9 +58,7 @@ class IperfTestUtilityEth(IperfUtility.IperfTestUtility):
         except subprocess.CalledProcessError:
             pass
         self.dut.write('restart')
-        self.dut.expect("Type 'help' to get the list of commands.")
-        self.dut.expect('iperf>')
-        dut_ip = self.dut.expect(r'esp_netif_handlers: .+ ip: (\d+\.\d+\.\d+\.\d+),').group(1)
+        dut_ip = get_ip_and_wait_prompt(self.dut)
         rssi = 0
         return dut_ip, rssi
 
@@ -73,12 +77,11 @@ def test_esp_eth_iperf(
       2. compare with the pre-defined pass standard
     """
 
-    # 1. wait for DUT
-    dut.expect_exact('iperf>')
+    # 1. wait for DUT to be ready
+    dut_ip = get_ip_and_wait_prompt(dut)
 
     # 2. preparing
     pc_iperf_log_file = os.path.join(dut.logdir, 'pc_iperf_log.md')
-    dut_ip = dut.expect(r'esp_netif_handlers: .+ ip: (\d+\.\d+\.\d+\.\d+),').group(1)
     pc_nic_ip = get_host_ip4_by_dest_ip(dut_ip)
     test_result = {
         'tcp_tx': IperfUtility.TestResult('tcp', 'tx', 'ethernet'),