The installation of SQL XEvent Profiler requires that Management Tools for SQL Server 2012 or 2014 be installed on the console computer.
Refer also to the Tech Specs on our website.
Management Tools for SQL Server 2016 are not sufficient.
A workaround is to install Management Tools for SQL Server 2012 or 2014 on the console computer before installing SQL XEvent Profiler.
Note that SQL XEvent Profiler does seem to support profiling SQL Server 2016 instances after is installed.
We are currently investigating other/better workarounds, and we will update this post when/if we find something feasible.
We also placed this issue on our development backlog.
I'm getting the error and am on version 17.5. of Management Studio. So am I correct in thinking that any version of Management Studio above 2014 will not work with SQL XEvent Profiler?
Yes, that is correct.