The purpose of the study was to examine the concurrent and construct validity of a new perceptual scale to control the exercise intensity using elastic bands (Resistance Intensity Scale for Exercise; RISE) in the elderly. Twenty-six participants underwent two sessions consisting of 4 exercises. The participants performed three sets of 15 repetitions per exercise of either low, medium, or high intensity. The criterion variables were heart rate and applied force (mean and peak). Following the final repetition of each set, active muscle (AM) and overall body (OB) ratings of perceived exertion (RPE) were collected from RISE and the OMNI-Resistance Exercise Scale of perceived exertion with elastic bands (OMNI-RES EB). Construct validity was established by correlating the perceptual score obtained from both scales, RISE and OMNI-RES EB. Significant (p ≤ 0.05) and positive linear relationships between both scales were found (RPE-AM R² = 0.90; RPE-OB R² = 0.77). Significant differences in heart rate, applied force, and RISE scores were observed between the sets of the three intensities. For all 4 analyzed exercises, high-intensity sets elicited higher heart rate, applied force, and perceptual scores compared with the medium- and low-intensity sets. Furthermore, the medium-intensity sets produced higher perceptual, physiologic, and performance responses than the low-intensity sets. Intersession reliability was 0.88 for heart rate, 0.94 and 0.95 for applied force, 0.88 for the RPE-AM, and 0.80 for the RPE-OB. Conclusion: The RISE scale can be considered a valid method for assessing the perceived exertion during resistance exercises performed with elastic bands in the elderly.