This study was designed to address whether the Perceived Physical Ability (PPA) subscale of the Physical Self-Efficacy Scale (PSES; Ryckman, Robbins, Thornton, & Cantrell, 1982) measures self-efficacy or self-esteem. Secondary analyses of four previously reported data sets were conducted to examine the extent to which the PPA overlaps with multidimensional self-esteem measures. Once the factor structure of the PPA was confirmed, multitrait-multimethod analyses were employed to establish convergent and discriminant validity of the PPA and task-specific self-efficacy measures with self-esteem measures. The results support the position that the PPA may be more reflective of esteem than efficacy. Additionally, task-specific self-efficacy measures demonstrated stronger associations with behavioral outcomes than did the PPA. It is recommended that if the PPA is to be used for research purposes, it may have greater utility as a measure of physical self-esteem rather than self-efficacy.