Equity theory suggests that relationships are more harmonious when both members of a dyad believe that their exchanges are fair. However, the level and frequency of exchange, rather than perceptions of equity, have been the focus of most research on support and the quality of intergenerational relations. Using data from 1,426 mother-child dyads nested within 413 families collected as part of the Within-Family Differences Study, the authors explored whether mothers' perceptions of equity are better predictors of closeness and tension than are mothers' reports of balanced exchanges of support. Mixed-model analyses revealed that mothers' perceptions of equity were more consistent predictors of relationship quality than were the balanced exchanges of support, though the results varied somewhat by gender of adult child. These findings contribute to a growing body of research demonstrating that the psychological processes that shape intergenerational relationships mirror those of other ties.