Integrating head-mounted display (HMD) systems in exhibition spaces has transformed traditional curatorial approaches, offering a dynamic and immersive alternative to conventional wall-based displays. This study examines the effects of HMD-based virtual reality (VR) exhibitions on user engagement, focusing on key characteristics such as presence, immersion, planning, participation, and information transfer. Through a comparative analysis of case studies, the research highlights the differences between first-person protagonist and third-person observer perspectives in shaping the visitor experience. Findings indicate that exhibitions utilizing a first-person viewpoint provide greater interactivity, enhancing immersion and presence by allowing visitors to navigate the virtual space according to their intentions. In contrast, third-person observer perspectives, though immersive, tend to foster a more passive engagement with lower levels of interaction. The incorporation of motion controllers further amplifies user participation by enabling direct interaction with digital content, ultimately contributing to a more engaging and interactive exhibition experience. The study also underscores the evolving role of VR technology in redefining exhibition spaces, demonstrating its potential to create multi-layered, narrative-driven environments that surpass the limitations of physical galleries. By allowing users to explore different periods, manipulate digital artworks, and engage in interactive storytelling, VR-based exhibitions offer a level of experiential depth that traditional formats cannot achieve. As VR and HMD technologies advance, exhibition designers must prioritize interactivity, user agency, and immersive storytelling to develop innovative and engaging digital exhibitions. This research provides a foundation for further studies on integrating VR in exhibition design and its implications for the future of museum and gallery experiences.