In this paper we suggest an interpretation of the concept of ‘relational value’ that could be useful in both environmental ethics and empirical analyses. We argue that relational valuing includes aspects of intrinsic and instrumental valuing. If relational values are attributed, objects are appreciated because the relationship with them contributes to the human flourishing component of well-being (instrumental aspect). At the same time, attributing relational value involves genuine esteem for the valued item (intrinsic aspect). We also introduce the notions of mediating and indirect relational environmental values, attributed in relationships involving people as well as environmental objects. We close by proposing how our analysis can be used in empirical research.