The present disclosure relates to systems, methods, and non-transitory computer-readable media that generate compressed metric data for digital metrics utilizing a graph-based compression dictionary and time slice compression. For instance, the disclosed systems can utilize a dynamically modifiable graph-based compression dictionary to generate compressed metric label identifiers for metric labels of digital metrics. The graph-based compression dictionary can include nodes and edges corresponding to metric label segments and metric label identifier values, respectively. The disclosed systems can traverse the graph-based compression dictionary using a metric label to determine the corresponding compressed metric label identifier. The disclosed systems can further generate delta compression values for the metric values of the digital metrics. For instance, the disclosed systems can compare metric values within a single time slice (e.g., a time stamp) to generate corresponding delta compression values. In some cases, the disclosed systems further compare the metric values across a time window.