In this paper, a novel dynamic event‐triggered control protocol for leader‐following problems of generic linear multi‐agent systems is proposed. Compared with the existing static event‐triggered strategy, the developed event‐triggered approach significantly reduces the utilization of communication resources while guaranteeing asymptotic consensus, and the interevent time is adjustable. Under this event scheduling mechanism, a synthesis approach combining controller and observer design is presented. The observer‐based control and event‐triggered rules are distributed, which only require local information of each agent to implement. The proposed methods incorporate model‐based estimation and auxiliary dynamic variables with a clock‐like behavior to prolong the interevent time as long as possible. The sufficient conditions for leader‐following consensus are established using linear matrix inequalities (LMIs) formulation to facilitate numerical computation. Comparative simulations in different scenarios demonstrate the validity of the proposed theoretical results.