We study rank-1 sheaves and stable pairs on a del Pezzo surface. We obtain an embedding of the moduli space of limit stable pairs into a smooth space. The embedding induces a perfect obstruction theory [LT98, BF97], which agrees with the usual deformation-obstruction theory [Lin18]. The perfect obstruction theory defines a virtual fundamental class on the moduli space. Using the embedding, we show that the virtual class equals the Euler class of a vector bundle on the smooth ambient space. As an application, we show that on P 2 , the expected count of the finite Quot scheme in [BGJ16] is its actual length. We also obtain a universality result for tautological integrals on the moduli space of stable pairs.