The present study examined the construct validity of the PPI-SF, testing both its factor structure and the convergent and discriminant validity. Using an undergraduate sample of 1,257 community members (869 females, 378 males), we tested whether a three factor or an eight factor model best fit the data and examined the links between the resultant factor structures and external correlates. Exploratory factor analysis (EFA) findings revealed an eight factor model best matched the data, followed by a three factor model yielded by confirmatory factor analysis (CFA). Next comparisons were made regarding the convergent and discriminant validity of the competing three and eight factor models. Findings showed that both models’ factors had meaningful relations with external variables, such as neuroticism, stress tolerance, and lack of empathy. The three factor model had problems with the Fearless Dominance (FD) scale, and the eight factor model had similar problems with the Fearlessness factor. These findings underscore not only the importance of examining factor structure fit statistics but also convergent and discriminant validity. The current findings suggest that both the three factor and the eight factor models are viable ways to interpret the PPI-SF, but considerations for how to accommodate FD and fearlessness will be needed.