The excimer/monomer ratio of emission intensities (IE/IM) and the enhancement of the 0-0 vibronic transition in the fluorescence spectra of pyrene (PY) and 16-(1-pyrenyl)hexadecanoic acid (C16PY) were used to investigate the localization of PY in the bilayers of small unilamellar vesicles constituted of phosphatidylcholine (SUV-PC). First, from comparison of the fluorescence characteristics of PY in water with those of PY incorporated into the SUV-PC membranes, we concluded that the probe is incorporated preferentially in the lipid phase of the vesicles and not in the bulk aqueous phase. In addition, we found that, contrary to what happens with the pyrenyl moiety of C16PY, the location of PY varies with its relative concentration in the membrane space. The critical concentration was observed to be around 1.0 mol% of incorporated PY. At concentrations below this value, PY is located in the hydrocarbon core of the lipid bilayers. Above 1.0 mol%, the PY molecules reside preferentially in the neighbourhood of the glyceryl moiety region of the PC vesicles.