Rating of perceived exertion (RPE) and session RPE (sRPE) are reliable tools for predicting exercise intensity and are alternatives to more technological and physiological measurements, such as blood lactate (HLa) concentration, oxygen consumption and heart rate (HR). As sRPE may also convey some insights into accumulated fatigue, the purpose of this study was to examine the effects of progressive fatigue in response to heavier-than-normal training on sRPE, with absolute training intensity held constant, and determine its validity as marker of fatigue. Twelve young adults performed eight interval workouts over a two-week period. The percentage of maximal HR (%HRmax), HLa, RPE and sRPE were measured for each session. The HLa/RPE ratio was calculated as an index of fatigue. Multilevel regression analysis showed significant differences for %HRmax (p = 0.004), HLa concentration (p = 0.0001), RPE (p < 0.0001), HLa/RPE ratio (p = 0.0002) and sRPE (p < 0.0001) across sessions. Non-linear regression analysis revealed a very large negative relationship between HLa/RPE ratio and sRPE (r = −0.70, p < 0.0001). These results support the hypothesis that sRPE is a sensitive tool that provides information on accumulated fatigue, in addition to training intensity. Exercise scientists without access to HLa measurements may now be able to gain insights into accumulated fatigue during periods of increased training by using sRPE.