At first glance, hope and optimism appear to be two almost identical concepts. The predominant cognitive theories maintain that both are based on positive future expectancies regarding goal attainment. However, other approaches recommend distinguishing between hope and future expectancies and sustain that the differences between hope and optimism are of a more substantial nature. The present study investigates the distinction between a new short instrument to measure hope as perceived by the general public, and dispositional optimism as measured by the revised Life Orientation Test (LOT-R) in a South African sample. After comparing both instruments using confirmatory factor analysis and exploratory structural equation modelling in Mplus, a number of encouraging results emanated from the data. First, the Perceived Hope Scale (PHS) is a unitary and coherent measure of perceived hope. Second, perceived hope, as measured by the PHS, and optimism and pessimism as measured by the LOT-R, are psychometrically distinguished latent dimensions, optimally specified by their indicator variables. Furthermore, perceived hope represents a fundamental construct in the prediction of health outcomes and well-being and is an important antecedent to optimism and dispositional hope. Perceived hope is thus an important additional facet to consider in investigating well-being.