diff --git a/esphome/dashboard/web_server.py b/esphome/dashboard/web_server.py
index 67712da9b6..ac19f5f079 100644
--- a/esphome/dashboard/web_server.py
+++ b/esphome/dashboard/web_server.py
@@ -51,7 +51,7 @@ from .util.text import friendly_name_slugify
 
 if TYPE_CHECKING:
     from requests import Response
-
+import voluptuous as vol
 
 _LOGGER = logging.getLogger(__name__)
 
@@ -599,6 +599,19 @@ class DownloadListRequestHandler(BaseHandler):
             self.send_error(404)
             return
 
+        config = yaml_util.load_yaml(settings.rel_path(configuration))
+
+        if const.CONF_EXTERNAL_COMPONENTS in config:
+            from esphome.components.external_components import (
+                do_external_components_pass,
+            )
+
+            try:
+                do_external_components_pass(config)
+            except vol.Invalid:
+                self.send_error(404)
+                return
+
         from esphome.components.esp32 import VARIANTS as ESP32_VARIANTS
 
         downloads = []