Involving the elderly in pleasant activities plays an important role in the prevention and treatment of depression. In addition to the influence of mental health benefits, the frequency of involvement in pleasant activities is also affected by the level of functional dependence and socioeconomic conditions of the elderly. The objective of this study was to investigate relationships between scores of the Brazilian version of an instrument to evaluate the involvement of the elderly in pleasant events (OPPES-BR) and depressive symptoms, functional dependence and socio-demographic variables, to verify the external validity of the OPPES-BR. The sample consisted of 337 non-institutionalized elderly individuals without cognitive impairments, who completed the Beck Depression Inventory, Pfeffer’s Functional Activities Questionnaire, Brazil’s Economic Classification Criterion and the OPPES-BR. The frequency of involvement in potentially pleasant activities was negatively correlated with depressive symptoms, functional dependence and less favorable socio-demographic conditions, suggesting evidence for the external validity of the OPPES-BR.