diff --git a/CHANGELOG.md b/CHANGELOG.md
index 6818447c69f8..3ed2ba5bba19 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -36,6 +36,7 @@
 - Renamed `to_dotdict` -> `as_nested_dict` - [#339](https://github.com/PrefectHQ/prefect/pull/339)
 - Moved `prefect.utilities.collections.GraphQLResult` to `prefect.utilities.graphql.GraphQLResult` - [#371](https://github.com/PrefectHQ/prefect/pull/371)
 - `SynchronousExecutor` now does _not_ do depth first execution for mapped tasks - [#373](https://github.com/PrefectHQ/prefect/pull/373)
+- Rename `NestedField.dump_fn` -> `NestedField.value_selection_fn` for clarity - [#377](https://github.com/PrefectHQ/prefect/pull/377)
 
 ## 0.3.3 <Badge text="alpha" type="warn"/>
 
diff --git a/src/prefect/serialization/flow.py b/src/prefect/serialization/flow.py
index 1bb6ba36d1b1..361c06dde2bd 100644
--- a/src/prefect/serialization/flow.py
+++ b/src/prefect/serialization/flow.py
@@ -32,7 +32,7 @@ class Meta:
     environment = fields.Nested(EnvironmentSchema, allow_none=True)
     parameters = NestedField(
         ParameterSchema,
-        dump_fn=lambda obj, context: {
+        value_selection_fn=lambda obj, context: {
             p
             for p in getattr(obj, "tasks", [])
             if isinstance(p, prefect.core.task.Parameter)
@@ -44,7 +44,7 @@ class Meta:
     reference_tasks = NestedField(
         TaskSchema,
         many=True,
-        dump_fn=lambda obj, context: getattr(obj, "_reference_tasks", []),
+        value_selection_fn=lambda obj, context: getattr(obj, "_reference_tasks", []),
         only=["id"],
     )
 
diff --git a/src/prefect/utilities/serialization.py b/src/prefect/utilities/serialization.py
index 79af7aec7be4..2feecb52fbcf 100644
--- a/src/prefect/utilities/serialization.py
+++ b/src/prefect/utilities/serialization.py
@@ -206,19 +206,21 @@ def _deserialize(self, value, attr, data, **kwargs):
 class NestedField(fields.Nested):
     """
     An extension of the Marshmallow Nested field that allows the value to be selected
-    via a dump_fn.
+    via a value_selection_fn.
     """
 
-    def __init__(self, nested: type, dump_fn: Callable = None, **kwargs) -> None:
+    def __init__(
+        self, nested: type, value_selection_fn: Callable = None, **kwargs
+    ) -> None:
         super().__init__(nested=nested, **kwargs)
-        self.dump_fn = dump_fn
+        self.value_selection_fn = value_selection_fn
 
-        if dump_fn is not None:
+        if value_selection_fn is not None:
             self._CHECK_ATTRIBUTE = False
 
     def _serialize(self, value, attr, obj, **kwargs):
-        if self.dump_fn is not None:
-            value = self.dump_fn(obj, self.context)
+        if self.value_selection_fn is not None:
+            value = self.value_selection_fn(obj, self.context)
         return super()._serialize(value, attr, obj, **kwargs)