An exploration of the physiological correlates of subjective emotional states has theoretical and practical significance. Previous studies have reported that subjective valence and arousal correspond to facial electromyography (EMG) and electrodermal activity (EDA), respectively, across stimuli. However, the reported results were inconsistent, no study investigated subjective-physiological concordance across time, and measures of arousal remain controversial. To investigate these issues, while healthy adults (n = 20) viewed emotional films, we assessed overall and continuous ratings of valence and arousal and recorded EMG from the corrugator supercilii and zygomatic major, EDA from the palms and forehead, and nose-tip temperature. The corrugator and zygomatic EMG were negatively and positively associated with valence ratings, respectively, across stimuli and time. EDA (both sites) and nose-tip temperature were positively and negatively associated with arousal ratings, respectively, across stimuli and time. It is concluded that subjective emotional valence and arousal dynamics have specific physiological correlates.