The Emotion Regulation Questionnaire (ERQ) assesses emotion regulation strategies, particularly expressive suppression and cognitive reappraisal. However, the ERQ does not discern between regulating positive vs. negative emotions. Recent research suggests that suppression and reappraisal can impact mental health differently when targeting positive vs negative emotions. We developed and validated the Emotion Regulation Questionnaire - Positive/Negative (ERQ-PN), designed to measure positive and negative forms of suppression and reappraisal strategies. We recruited 963 participants (female = 478) through Prolific.com and administered the ERQ-PN. Participants had an average age of 45 years and were predominantly White (74%) and heterosexual (84%). Structural validity was assessed through confirmatory factor analyses. Model fit was estimated using the comparative fit index and the root-mean-square error of approximation. We also used the Bayesian information criterion to compare the fit of different models. Overall, participants used reappraisal more often to decrease negative emotions (vs. increasing positive) and leaned toward using suppression more for negative (vs. positive) emotions. These analyses revealed that the four-factor model (Model 2) delineating four latent variables (positive reappraisal, negative reappraisal, positive suppression, and negative suppression) had a good fit (RMSEA = 0.07, CFI = 0. 97, TLI = 0.96,χ2(98) = 531.28,p< 0.001). An incremental validity assessment revealed that positive and negative reappraisal correlated similarly with related mental health constructs. By contrast, suppression of negative vs. positive emotions was differentially associated to the validators tested. The ERQ-PN represents a valid measure of emotion regulation that accounts for both positive and negative emotions.