The aim of the present study was to relate the overall rating of perceived exertion (RPE-overall) with cardiorespiratory and neuromuscular variables during stationary running with the elbow flexion/extension performed with water-floating equipment. The sample consisted of eleven women that performed the water-based exercise at submaximal cadences. The heart rate, oxygen uptake, ventilation, and electromyographic signal (EMG) from biceps brachii (%EMG BB), triceps brachii (%EMG TB), biceps femoris (%EMG BF) and rectus femoris (%EMG RF) muscles were measured during the exercise, and the overall RPE was measured immediately following its completion. The Pearson product-moment linear correlation was used to investigate associations between the variables analyzed in the present study. Significant relationships were observed between the RPE-overall and all the cardiorespiratory variables, with the r values ranging from 0.60 to 0.70 (p<0.05). In addition, the RPE-overall showed a significant (p<0.05) relationship with %EMG BB (r=0.55) and %EMG BF (r=0.50). These results suggest an association between the RPE-overall with all cardiorespiratory and two neuromuscular variables during the execution of a water-based aerobic exercise using water-floating equipment.