Despite a general consensus in the United States that overtly racist acts are unacceptable, many ambiguous situations in everyday life raise questions of whether racism has influenced a person's behavior in an interracial encounter. The authors of the present study sought to (a) examine simultaneously an array of variables thought to be related to perceived racism and (b) investigate how the contribution of these variables may differ with respect to the asymmetry hypothesis, which suggests that acts of discrimination from a dominant person toward a subordinate person will be viewed as more biased than if the situation were reversed. The authors used a dual structural equation modeling approach. Results indicated that ethnic identity significantly predicted perceived racism. In addition, the extent to which cognitive interpretation style significantly predicted perceived racism depended on the ethnicity of participants involved in the interaction.