Models of panic disorder are primarily cognitive in nature, and the role of emotion regulation has not been extensively examined. This study investigates the extent to which emotion dysregulation predicts uncued panic attack frequency and symptom severity above and beyond anxiety sensitivity (AS). Participants were 77 undergraduate students reporting a recent history of uncued panic attacks. Emotion dysregulation was not found to significantly predict past year panic attack frequency above and beyond AS dimensions (fear of respiratory symptoms, publicly observable anxiety reactions, cardiovascular symptoms, and cognitive dyscontrol). Fear of respiratory symptoms emerged as the only significant predictor of panic attack frequency. However, emotion dysregulation did significantly predict panic symptom severity above and beyond AS dimensions. Results offer preliminary evidence of the differential influence of emotion dysregulation and AS on panic-related variables and suggest the need to examine emotion dysregulation as it pertains to the development and maintenance of panic-related psychopathology.