The development of research, innovation, and entrepreneurship (RIE) competencies has been positioned as a strategic priority within Saudi Arabia’s Vision 2030; however, a persistent discrepancy between awareness and active engagement remains insufficiently characterised. In this study, the levels of RIE awareness, perceptions, and experiential participation among university students in Saudi Arabia, with particular reference to the Eastern region, were systematically examined, and their statistical associations with competency development were evaluated. A cross-sectional survey design was employed, in which data were collected from 301 students during April–May 2025 using a validated 24-item, five-point Likert-scale instrument encompassing five constructs: RIE awareness, influencing factors, perceptions and attitudes, educational experiences, and sustainability orientation. High internal consistency was demonstrated (Cronbach’s α = 0.89–0.93), and construct validity was assessed through exploratory factor analysis (EFA). Descriptive statistics indicated that RIE awareness was moderately high (M = 3.54, SD = 1.00), whereas a pronounced participation gap was observed: although 56.6% of respondents reported involvement in research activities, substantially lower engagement was recorded in innovation and entrepreneurship initiatives (24.9%) and start-up activities (19.2%). Perceived importance of RIE for future career development was high (M = 4.13), yet awareness of entrepreneurial mindset constructs remained comparatively limited (M = 3.15). Significant positive correlations were identified among the principal constructs (Spearman’s ρ = 0.666–0.902, p < 0.001), although potential inflation effects attributable to shared measurement items were noted and critically considered. Ordinal logistic regression analysis revealed that participation in research projects and exposure to structured educational experiences constituted the most robust predictors of RIE competency development, surpassing attitudinal variables in explanatory power. These findings suggest that favourable perceptions alone are insufficient to foster competency acquisition in the absence of sustained experiential engagement. It is therefore implied that higher education institutions should prioritise the integration of practice-oriented RIE programmes, strengthen mentorship quality, and enhance transparency in resource accessibility, with policy interventions oriented towards capability development rather than motivational reinforcement. The study provides an empirically grounded baseline for assessing RIE competencies in emerging higher education contexts and offers a transferable measurement framework applicable to Gulf and comparable innovation-driven economies.