The Perceived Wellness Survey (PWS; T. Adams, 1995; T. Adams, J. Bezner, & M. Steinhardt, 1997) is a recently developed instrument intended to operationalize the comprehensive Perceived Wellness Model (T. Adams, J. Bezner, & M. Steinhardt, 1997), an innovative model that attempts to include the balance of multiple life activities in its evaluation of well-being. Two university samples (N = 317) were used to (a) examine the psychometric properties of the PWS, (b) determine how well the PWS represents the Perceived Wellness Model, and (c) ascertain how well the PWS relates to psychological functioning. Results suggest that the PWS may have potential as a psychometrically sound instrument that does relate in hypothesized ways to standardized measures of mental health. Specifically, a revised 33-item PWS accounted for 29.3% of the variance in Beck Depression Inventory-Second Edition (A. T. Beck, R. A. Steer, & G. K. Brown, 1996) scores, 11.4% of the variance in Beck Anxiety Inventory (A. T. Beck & R. A. Steer, 1993) scores, and 18.2% of the variance in scores on the Hopkins Symptom Checklist-21 (D. E. Green, F. H. Walkey, I. A. McCormick, & A. J. W. Taylor, 1988) when controlling for impression management. Despite this support for the overall PWS, the authors' examination found no psychometric evidence for the existence of separate subscale dimensions, as suggested by the Perceived Wellness Model, the theory upon which the PWS was designed. Implications for these findings are presented.