The paper focuses on the measurement of Public Value created by public research institutions, exploring such multi-dimensional concept that integrates economic, social and environmental effects. An institutional partnership involving ISTAT and CERVAP University of Ferrara established a Public Value Observatory to monitor, analyze, and disseminate information on value creation by public institutions. The initiative aims at supporting Administrations in the set-up of their public value objectives and in the evaluation of their achievements. The research focuses on the development of common objectives and indicators related to the health of internal resources, performance, and Public Value of research institutes. The measurement model is based on the Public Value Pyramid framework (Deidda Gagliardo et al., 2025) which divides Public Value into interconnected dimensions: impact, effectiveness, efficiency, health of resources, and performance. The concept of Public Value was divided into four dimensions: institutional, scientific, social, and economic. Common quantitative and qualitative indicators were provided for each dimension. Future steps include defining a composite indicator to measure the Public Value created by public research bodies, enabling comparison at national and international levels. The method will be extended to other public sectors, to support evidence-based decision-making processes, also by using artificial intelligence tools.