George Johnstone Stoney or his brother Bindon Stoney discovered NGC 5538 along with NGC 5542 on 6 Mar 1851. While observing the field of NGC 5546 he noted "another about 10' south-preceding NGC 5542]." There were no later observations to determine a more precise position.

Albert Marth independently found this galaxy again on 8 May 1864 and catalogued m 275 as "eF, S, E." Dreyer catalogued it again as GCS 5762 but realized the likely equivalence with Stoney's nebula and added the note "must be = GC 3830 [LdR]", though placed it under GCS 5763.

400/500mm - 17.5" (5/10/91): extremely faint, very small, round, averted only. Three mag 12.5-14.5 stars lie 3' S. In a group with NGC 5542 6' NE.

Notes by Steve Gottlieb