Measurement of resilience is important within schools to support student mental health and well-being. Resilience is defined as the healthy integration, adaptation, and positive functioning over time in response to the experience of adversity and challenge. This study explored the relationship between a subjective and objective measure of resilience and the respective predictability of psychophysical well-being measures. A sample of 282 Year 10 students completed a subjective resilience measure (Connor-Davidson Resilience Scale) and psychological measures of well-being. A subset of 76 students completed an objective measure of resilience (heart rate variability [HRV]). Correlational analyses revealed no significant relationship between the two measures and do not support the use of one measure as a proxy for the other. Hierarchical regression analyses illustrated the significant predictive quality of the subjective measure to psychophysical well-being measures. The strongest relationships were reported with EPOCH subscales Optimism (r = 0.68), Happiness (r = 0.64), and Perseverance (r = 0.59). No significant relationships were found between the objective resilience measure and well-being measures. With objective resilience showing no relationship to subjective resilience and well-being, it is possible that HRV instead measures the capacity for resilience, rather than resilience. This study highlights the importance of defining resilience and the implications for measurement in adolescent students.