The present paper examined the role of perceived emotional intelligence-EI- (measured by adaptations of the Trait Meta-Mood Scale - TMMS, Salovey, Mayer, Goldman, Turvey, & Palfai, 1995) as a predictor of life satisfaction and mental health. We explored the unique contribution of EI dimensions (Attention, Clarity and Repair) on individuals' psychological well-being, after controlling for the influence of general self-efficacy and socio-demographic variables (age, gender and culture). Data was collected from a sample of 1078 Spanish, Mexican, Portuguese and Brazilian undergraduate students (M(age) = 22.98; SD = 6.73) and analyzed using hierarchical multiple regressions. Results indicated that overall EI dimensions (especially Clarity and Repair) accounted for unique variance on psychological well-being above and beyond general self-efficacy and socio-demographic characteristics. These findings provide additional support for the validity of perceived EI, and suggests that EI components contribute to important well-being criteria independently from well-known constructs such as self-efficacy.