Purpose: The purpose of this study was to determine whether session rating of perceived exertion-derived training load (sRPE-TL) correlates with GPS-derived measures of external load in National Collegiate Athletics Association (NCAA) Division I female soccer athletes. Methods: Twenty-one NCAA Division 1 collegiate women’s soccer athletes (11 starters, 10 non-starters; 65.1 ± 7.2 kg, 168.4 ± 7.9 cm, 20.3 ± 1.5 yrs) volunteered to take part in this study. Data for this study were collected over the course of 16 weeks during the 2018 NCAA women’s soccer season. External load and heart rate (HR) data were collected during each training session and match during the season. At least 30 min after the end of an activity (e.g., match or practice), athletes were prompted to complete a questionnaire reporting their perceived exertion for the session. sRPE-TL was calculated at the end of the season by multiplying perceived exertion by the respective session duration. Results: sRPE-TL was very strongly correlated with total distance, distance covered in velocity zones 1–3, the number of accelerations in zones 4 and 5, total PlayerLoad™, and PlayerLoad™. For internal load, sRPE-TL correlated very strongly (0.70 ≤ |r| < 0.90) with Edward’s and Bannister’s TRIMP and strongly (0.50 ≤ |r| < 0.70) with duration spent in in heart rate zones 5 and 6 (80–90% and 90–100% max HR, respectively) while correlations with maximum HR (bpm), mean HR (bpm), and mean HR (%) and sRPE-TL were moderate (0.30 ≤ |r| < 0.50). Conclusions: In NCAA Division I women soccer, sRPE-TL is strongly associated with external measures of workload. These relationships were stronger during match play, with acceleration load and total distance exhibiting the strongest relationship with sRPE-TL.