The bizarre sightings began at 11pm on Saturday and the spectacular show in the sky above Muir of Ord, Ross-shire ended at 1am.
Residents watched in awe as three bright orange dome-shaped objects hovered then flew at high speed in random spirals closer and closer to the village.
Last night leading expert Nick Pope said: "This could be one of the most significant UFO events in recent history.
"Sightings like this are hugely significant because they are very rare.
"Most UFOs are seen by single witnesses so it's very difficult to get any proof. For whole streets of people to see something is almost without precedent and this sounds like one of the most significant UFO events in recent history.
"It's also very unusual for a UFO to be seen for such a long time. Most are very brief.
Care worker Sandra Robertson, 45, said: "It was weird and scary. But at the same time if they came back I'd like to watch them again.
"The whole street was out with cameras and binoculars.
"Folk were coming out the pub and telephoning home about what they were seeing in the sky.
"It's been the talk of the place ever since it happened.
"It's the sort of thing we'll remember all our lives. It's so difficult to describe because it was like nothing anyone had ever seen before.
"The objects were sort of dome shaped and bright, bright orange.
"They were hovering for up to five minutes at a time then they would move really, really fast across the sky.
"At first they seemed very far away but they got closer and closer.
Her husband, Henry, 47, who along with daughter Jolene, 23, filmed the UFOs, said: "You'd have had to see it to believe it.
"I'm 47 and I've seen a lot of things and come through a lot but this was scary.
"It was no Loch Ness monster-type sighting. People all over the village are talking about it.
"There must be some explanation and I'd love to hear what it is.
An RAF spokesman at Lossiemouth said there had been no reports that required a response on Saturday night.
He added: "Usually there are innocent explanations for these things."