As part of an effort to develop a comprehensive, empirically derived preference assessment instrument, this study examined the content and structure of the Preferences for Everyday Living Inventory’s (PELI) psychosocial preferences in older adults using concept mapping. Results suggested two underlying dimensions to psychosocial preferences (Enrichment–Self-Maintenance and Extrapersonal–Intrapersonal) and six content domains (Social Contact, Growth Activities, Leisure Activities, Self-Dominion, Support Aids, and Caregivers and Care). The dimensions and content domains provide valuable information for constructing psychosocial preference instruments and customizing care.