Ratings of perceptual experience on a trial-by-trial basis are increasingly used in masked priming studies to assess prime awareness. It is argued that such subjective ratings more adequately capture the content of phenomenal consciousness compared to the standard objective psychophysical measures obtained in a session after the priming experiment. However, the concurrent implementation of the ratings within the priming experiment might alter magnitude and processes underlying semantic priming, because participants try to identify the masked prime. In the present study, we therefore compared masked semantic priming effects assessed within the classical sequential procedure, in which prime identification is psychophysically assessed after the priming experiment, with those obtained in a condition, in which prime awareness is rated within the priming experiment. Two groups of participants performed a lexical decision task (LDT) on targets preceded by masked primes of 20, 40, or 60 ms durations, to induce the variability of prime awareness. One group additionally rated prime visibility trials-wise using the Perceptual Awareness Scale (PAS), whereas the other group only performed the LDT. Analysis of reaction times (RTs) as well as drift diffusion modeling revealed general priming effects on RT and drift rate only in the PAS-absent group. In the PAS-present group, residual priming effects on RT and the non-decisional component t0 were obtained for trials with rated prime awareness. This shows that assessing subjective perceptual experience on a trial-by-trial basis heavily interferes with semantic processes underlying masked priming, presumably due to attentional demands associated with concurrent prime identification.