Cutaneous reflex modulation during rhythmic ambulation is an important motor control mechanism to help minimize stumbling following an unexpected perturbation. Previous literature found individuals with chronic ankle instability (CAI) experience altered reflex patterns compared to healthy controls. Considering CAI is characterized by intermittent feelings of ankle instability, researchers have speculated that these alterations are related to perceived instability. Our purpose was to determine whether variability and magnitude of cutaneous reflex amplitudes can predict perceived instability levels following sural nerve stimulation during gait. Forty subjects walked while receiving random stimulations and reported their perceived instability. Middle latency reflexes among lower leg muscles were calculated using data derived from surface electromyography. Hierarchical logistical regressions revealed a positive relationship between reflex variability of the peroneus longus and lateral gastrocnemius muscles and perceived instability during midstance. This suggests subjects with consistent reflexes following sural nerve stimulation develop a certain level of perceptual expectation resulting in generally lower feelings of ankle instability, while subjects with more variable motor outputs perceive greater instability at the supraspinal level. Cutaneous reflex variability during stance may be an important objective outcome measure to monitor neuromuscular recovery throughout a rehabilitation or as a potential predictor of future lateral ankle sprains.