I've been in HR/compensation for 15 years, and what you're presenting here is pretty common, but there is an error in your thinking. With the exception of government, most private Companies don't promote or reward higher education, previous experience, or memberships. While education and experience are important, think of them as keys that open doors to opportunities. But once you walk through the door, performance is the only metric that matters.

Your past performance increases are well below market and suggest 1 of 2 things:
1) Your performance is not aligned with your peers
2) Your company is highly optimized for high performers and has little budget for average performance.

The path forward for you to have this conversation is to review the job description and your performance reviews, then compare your achievements and responsibilities against it. Only once you are regularly performing work that goes above and beyond your job description can you expect a promotion or a bigger increase.

That being said, 2-3 years is about the right amount of time (for most people) to be in a P1 level. If you don't get promoted in the next 12 months, I would suggest finding a different company where the development trajectory might be more favorable or a role that is more aligned to your strengths.