This study is about the validity and item analysis for the Positive and Negative Affect Schedule (PANAS), respectively through the Exploratory Factor Analysis (principal components method) and the Partial Credit Model (PCM). The scale has been largely used in areas ranging from clinical to social psychology since its release in 1988 by Watson, Clark, and Tellegen. In order to assess validity and item properties (Item Response Theory paradigm), this is study administered PANAS to 354 respondents, 115 male and 239 female subjects, with an average age of 29.5 (SD = 10,18). The results show PANAS's excellent psychometric properties, with consistent dimensions and reliable item functioning, considering the Rasch measurement paradigm expressed in the PCM as an Item Response Theory model for polytomous data. The study considers important cultural issues and the results support more cautious translations for scales as well as further studies concerned with cross-cultural differences on the perception of affect states.