Self-report measures of mindfulness have consistently demonstrated positive relationships with well-being and inverse relationships with depression symptoms. The goal of this study was to extend the existing literature to include a test of the incremental validity of the components of mindfulness (as measured by the four factors of the Kentucky Inventory of Mindfulness Skills [KIMS]; Baer et al. Assessment, 11, 191–206, 2004) and the Mindful Attention Awareness Scale (MAAS; Brown and Ryan Journal of Personality and Social Psychology, 84, 822–848, 2003) in the prediction of satisfaction with life (relative to self-esteem) and depression (relative to negative cognitions) among a sample of 365 college students. Results revealed only KIMS Observe accounted for a significant amount variance relative to self-esteem in the prediction of satisfaction with life, and in the prediction of depression symptoms, only KIMS Accept without Judgment accounted for a significant amount of variance relative to negative cognitions. These results are discussed in relation to the measurement of mindfulness and methods used to assess the validity of these scales.