Hi@jaymartin, if the polygons won't overlap each other (in other words, a point cannot be within two or more polygons simultaneously), I think the Clipper (or the SpatialFilter) can also be used.
If it's guaranteed that all the polygon features (clippers) will have arrived at the transformer before any point feature (clippee), you can set "Clippers First" to the "Clipper Type" parameter, so that the transformer could work with best performance.
FeatureMerger would be one option.
Easiest way is to use the FeatureMerger transformer and only use the features from the Merged output port.Those will be the points that have a matching polygon.The matching polygons will output from the Referenced port.