As part of the validation research process for a new self‐report social‐emotional test for children, internalizing social‐emotional symptoms (e.g., depression, anxiety, social withdrawal, somatic complaints, positive and negative affectivity) of a group of elementary‐age gifted students (n = 65) were contrasted with those of a carefully matched (by gender and age) comparison group of non‐gifted students (n = 65). Subjects completed the Internalizing Symptoms Scale for Children (ISSC) (Merrell & Walters, 1996), a self‐report measure of internalizing symptoms, affect, and cognition. The gifted students reported significantly fewer internalizing symptoms than did the comparison group. An analysis of critical items separating the two groups indicated that the gifted students differed most substantially from their non‐gifted peers on ISSC items that relate to self‐efficacy and perceived self‐importance. Although these types of self‐perceptions are considered to be a peripheral rather than a central component of specific internalizing disorders, it is hypothesized that their positive presence in children may act as a “buffering” factor, possibly insulating children from insults to their social‐emotional functioning that may lead to the development of internalizing forms of psychopathology. The results of this investigation are discussed in terms of their relationship to conflicting previous research in this area, to future research needs in the study of social‐emotional symptoms and development of gifted children, and in terms of the construct validity evidence for the ISSC. © 1996 John Wiley & Sons, Inc.