Recently, several scholars have suggested that academic self-regulation may be particularly important for students participating in online learning. The purpose of the present study was to develop a quantitative self-report measure of perceived task value and self-efficacy for learning within the context of self-paced, online training, and to investigate reliability and validity evidence for the instrument. Investigations of this kind are essential because task value and self-efficacy have been shown to be important predictors of students' self-regulated learning competence and academic achievement in both traditional and online contexts. In Study 1 (n = 204), 28 survey items were created for the Online Learning Value and Self-Efficacy Scale (OLVSES) and an exploratory factor analysis was conducted. Results suggested two interpretable factors: task value and self-efficacy. In Study 2 (n = 646), confirmatory factor analysis suggested several survey modifications that resulted in a refined, more parsimonious version of the OLVSES. The resulting 11-item, two-factor scale appears to be psychometrically sound, with reasonable factor structure and good internal reliability. In Study 3 (n = 481), a third sample was collected, and scores from the OLVSES appeared to demonstrate evidence of adequate criterion-related validity. Instrument applications and suggestions for future research are discussed. (Contains 12 tables and 3 footnotes.) [An earlier version of this manuscript was presented at the 2007 annual meeting of the American Educational Research Association, Chicago, Illinois.]