Network science was used to examine different dimensions of phonological similarity in English. Data from a phonological associate task and an identification of words in noise task were used to create a phonological association network and a misperception network. These networks were compared to a network formed by a computational metric widely used to assess phonological similarity (i.e., one-phoneme metric). The phonological association network and the misperception network were topographically more similar to each other than either were to the one-phoneme metric network, but there were several network features in common between the one-phoneme metric network and the phonological association network. To assess the influence of network structure on processing, we compared the influence of degree (i.e., neighborhood density) from each of the networks on visual and auditory lexical decision reaction times obtained from two psycholinguistic megastudies. The effect of degree differed across network types and tasks. We discuss the use of each approach to determine phonological similarity and a possible direction forward for language research through the use of multiplex networks.