diff --git a/eeschema/netlist_exporters/netlist_exporter_spice.cpp b/eeschema/netlist_exporters/netlist_exporter_spice.cpp
index e2817f3fce..4d7dad52a3 100644
--- a/eeschema/netlist_exporters/netlist_exporter_spice.cpp
+++ b/eeschema/netlist_exporters/netlist_exporter_spice.cpp
@@ -51,6 +51,7 @@
 #include <pegtl/contrib/parse_tree.hpp>
 #include <wx/dir.h>
 #include <locale_io.h>
+#include "markup_parser.h"
 
 namespace NETLIST_EXPORTER_SPICE_PARSER
 {
@@ -280,11 +281,45 @@ bool NETLIST_EXPORTER_SPICE::ReadSchematicAndLibraries( unsigned aNetlistOptions
 }
 
 
-void NETLIST_EXPORTER_SPICE::ReplaceForbiddenChars( std::string& aNetName )
+void NETLIST_EXPORTER_SPICE::ConvertToSpiceMarkup( std::string& aNetName )
 {
-    boost::replace_all( aNetName, "(", "_" );
-    boost::replace_all( aNetName, ")", "_" );
-    boost::replace_all( aNetName, " ", "_" );
+    MARKUP::MARKUP_PARSER         markupParser( aNetName );
+    std::unique_ptr<MARKUP::NODE> root = markupParser.Parse();
+    std::string                   converted;
+
+    std::function<void( const std::unique_ptr<MARKUP::NODE>&)> convertMarkup =
+            [&]( const std::unique_ptr<MARKUP::NODE>& aNode )
+            {
+                if( aNode )
+                {
+                    if( !aNode->is_root() )
+                    {
+                        if( aNode->isOverbar() )
+                        {
+                            // ~{CLK} is a different signal than CLK
+                            converted += '~';
+                        }
+                        else if( aNode->isSubscript() || aNode->isSuperscript() )
+                        {
+                            // V_{OUT} is just a pretty-printed version of VOUT
+                        }
+
+                        if( aNode->has_content() )
+                            converted += aNode->string();
+                    }
+
+                    for( const std::unique_ptr<MARKUP::NODE>& child : aNode->children )
+                        convertMarkup( child );
+                }
+            };
+
+    convertMarkup( root );
+
+    boost::replace_all( converted, "(", "_" );
+    boost::replace_all( converted, ")", "_" );
+    boost::replace_all( converted, " ", "_" );
+
+    aNetName = converted;
 }
 
 
@@ -560,7 +595,7 @@ std::string NETLIST_EXPORTER_SPICE::GenerateItemPinNetName( const std::string& a
 {
     std::string netName = aNetName;
 
-    ReplaceForbiddenChars( netName );
+    ConvertToSpiceMarkup( netName );
     netName = std::string( UnescapeString( netName ).ToUTF8() );
 
     if( netName == "" )
diff --git a/eeschema/netlist_exporters/netlist_exporter_spice.h b/eeschema/netlist_exporters/netlist_exporter_spice.h
index 576208124d..b629a53a83 100644
--- a/eeschema/netlist_exporters/netlist_exporter_spice.h
+++ b/eeschema/netlist_exporters/netlist_exporter_spice.h
@@ -93,9 +93,9 @@ public:
     virtual bool ReadSchematicAndLibraries( unsigned aNetlistOptions, REPORTER& aReporter );
 
     /**
-     * Replace illegal spice net name characters with underscores.
+     * Remove formatting wrappers and replace illegal spice net name characters with underscores.
      */
-    static void ReplaceForbiddenChars( std::string& aNetName );
+    static void ConvertToSpiceMarkup( std::string& aNetName );
 
     /**
      * Return the list of nets.
diff --git a/eeschema/tools/sch_editor_control.cpp b/eeschema/tools/sch_editor_control.cpp
index a495b05ad6..c1b48622c0 100644
--- a/eeschema/tools/sch_editor_control.cpp
+++ b/eeschema/tools/sch_editor_control.cpp
@@ -911,7 +911,7 @@ int SCH_EDITOR_CONTROL::SimProbe( const TOOL_EVENT& aEvent )
                     if( SCH_CONNECTION* conn = static_cast<SCH_ITEM*>( item )->Connection() )
                     {
                         std::string spiceNet = std::string( UnescapeString( conn->Name() ).ToUTF8() );
-                        NETLIST_EXPORTER_SPICE::ReplaceForbiddenChars( spiceNet );
+                        NETLIST_EXPORTER_SPICE::ConvertToSpiceMarkup( spiceNet );
 
                         simFrame->AddVoltagePlot( wxString::Format( "V(%s)", spiceNet ) );
                     }