Empathic accuracy, the ability to accurately infer the mental states of others, is essential to successful interpersonal relationships. Perceivers can interpret targets' emotional experiences by decoding facial and voice cues (mentalizing) or by using their own feelings as referents (experience‐sharing). We examined the relative efficacy of these processes via a replication and extension of Zhou et al. (Psychol Sci., 28, 2017, 482) who found experience‐sharing to be more successful but undervalued. Participants estimated targets' emotional ratings in response to positive, neutral and negative images in mentalizing or experience‐sharing conditions. Our analysis of absolute magnitudes of error showed similar levels of accuracy across process conditions (a non‐replication of Zhou et al.); however, our exploratory analysis of directional variation across valence using raw scores revealed a pattern of conservative estimates for affective stimuli, which was accentuated in the mentalizing condition. Thus, our exploratory analysis lends conceptual support to Zhou et al.'s finding that experience‐sharing represents the more successful process, and we replicated their finding that it was nevertheless undervalued. Extending Zhou et al., we also found that empathic accuracy was predicted by individual differences in fiction‐exposure. Future research may further examine the impact of individual differences and stimulus properties in the employment of empathic inferencing strategies.