diff --git a/packages/eslint-plugin-react-hooks/__tests__/ESLintRulesOfHooks-test.js b/packages/eslint-plugin-react-hooks/__tests__/ESLintRulesOfHooks-test.js
index 3d60a36824d2..6761419453f3 100644
--- a/packages/eslint-plugin-react-hooks/__tests__/ESLintRulesOfHooks-test.js
+++ b/packages/eslint-plugin-react-hooks/__tests__/ESLintRulesOfHooks-test.js
@@ -45,6 +45,16 @@ const allTests = {
         }
       `,
     },
+    {
+      code: normalizeIndent`
+        // Valid because a single leading underscore is a private-naming
+        // convention; what follows still starts with an uppercase letter,
+        // so this is recognized as a component. See facebook/react#31722.
+        function _ComponentWithHook() {
+          useHook();
+        }
+      `,
+    },
     {
       syntax: 'flow',
       code: normalizeIndent`
@@ -1114,6 +1124,17 @@ const allTests = {
       `,
       errors: [functionError('useState', 'handleClick')],
     },
+    {
+      code: normalizeIndent`
+        // Invalid because the underscore-prefix exemption still requires
+        // an uppercase letter afterwards (so lowercase-after-underscore
+        // names are not recognized as components).
+        function _notAComponent() {
+          useHook();
+        }
+      `,
+      errors: [functionError('useHook', '_notAComponent')],
+    },
     {
       code: normalizeIndent`
         // Invalid because it's a common misunderstanding.
diff --git a/packages/eslint-plugin-react-hooks/src/rules/RulesOfHooks.ts b/packages/eslint-plugin-react-hooks/src/rules/RulesOfHooks.ts
index ca82c99e2f55..fb470017948f 100644
--- a/packages/eslint-plugin-react-hooks/src/rules/RulesOfHooks.ts
+++ b/packages/eslint-plugin-react-hooks/src/rules/RulesOfHooks.ts
@@ -52,10 +52,12 @@ function isHook(node: Node): boolean {
 
 /**
  * Checks if the node is a React component name. React component names must
- * always start with an uppercase letter.
+ * always start with an uppercase letter. A single leading underscore is
+ * permitted as a private-naming convention (e.g. `_InternalComponent`), so
+ * long as it is followed by an uppercase letter.
  */
 function isComponentName(node: Node): boolean {
-  return node.type === 'Identifier' && /^[A-Z]/.test(node.name);
+  return node.type === 'Identifier' && /^_?[A-Z]/.test(node.name);
 }
 
 function isReactFunction(node: Node, functionName: string): boolean {