Stress has a significant impact on equine welfare. There are some studies on the stress response in horses ridden with tight nosebands, but little is known about other stress parameters than cortisol, which potentially could address an emotional component. In this study, blood samples of a total of 74 warmblood horses were used to establish reference values for plasma substance P (SP) concentrations. Moreover, 16 of these warmblood horses were included in a stress model. Four different stress levels (level 1: horses ridden with loose noseband, level 2: tight noseband, level 3: loose noseband and overground endoscope, level 4: tight noseband and overground endoscope) were applied to evaluate SP as a potential stress parameter in horses. Blood samples were taken at rest (t0) and directly after inducing stress (noseband tightening, insertion of endoscope; t1), as well as after 20 min of riding at all gaits (t2). A ridden horse ethogram was applied and showed that horses in the tight noseband group resorted to other stress-related behavioral issues than horses with loose nosebands. Serum cortisol showed a linear increase concurrent with the increase in stress levels with a significant difference between level 1 and level 4 (p = 0.043), proving that stress factors were adequate to evaluate the stress response, whereas SP did not show a correlation with the stress levels. Furthermore, concentrations of SP differed widely between horses but stayed within more narrow limits in the individual horse. As a conclusion, SP might not be a reliable stress parameter in horses in the applied minor stress model.