Pay satisfaction was assessed according to different facets (pay level, benefits, pay structure, and pay raises) and potential referent groups (teachers and elementary school principals) for a random sample of male elementary school principals. A structural model approach was used that considers facets of the pay process, potential others as significant referent sources, and actual pay received by male elementary school principals. All facets were found to be important; significant others who were found to be important were teachers, as well as other elementary school principals within the school district. The overarching finding was that relative pay, rather than pay rate, is the better predictor of pay satisfaction. (Contains 2 figures and 1 table.)