Objectives: The primary aim was to assess the factor structure and establish measurement invariance across sex for the Perceived Vulnerability and Hardiness Scale. Participants: Sample 1 (N = 377) and Sample 2 (N = 401) were volunteers from six large southern universities. Methods: Iterative and collaborative survey-based focus groups were used to create the final version of the PVHS. Results: A two-factor model was identified through exploratory and confirmatory factor analyses. The psychological hardiness subscale was found to positively correlate with hardiness and resilience, and negatively correlate with psychosocial functioning, depression, and anxiety. The vulnerability subscale was found to positively, strongly correlate with the anxiety, psychological vulnerability, and psychosocial functioning, and negatively correlate with the hardiness and resilience. Men and women interpreted the PVHS in an equivalent manner. Conclusions: This brief measure provides researchers, counselors, and administrations a method for general assessment, intervention effectiveness, and evaluation of campus climates.