Previous research has found perceived academic control (PAC) to be a better predictor of first-year college students' grades than self-esteem; however, it is uncertain which construct is more important for students' well-being. The current study compared PAC and self-esteem on first-year college students' emotions, perceived stress, and self-reported health using structural equation modeling. Regarding emotions, students' PAC negatively predicted boredom and anxiety, and had a small positive predictive effect on enjoyment; in contrast, students' self-esteem had a relatively small negative relationship with anxiety. Regarding stress and health, self-esteem negatively predicted students' perceived stress and positively predicted students' self-reported psychological and physical health; comparatively, PAC had a negligible relationship with these outcomes. Discussion focuses on the unique relationships between self-esteem and perceived academic control with college students' well-being, and the importance of examining predictors of these variables in addition to grades. (Contains 3 tables and 1 figure.)