Abstract Background and Objectives Although it has become standard to include the views of older people when assessing their well-being, most existing methods are ill-suited to estimate the relative importance of well-being dimensions. This article investigates the potential of the factorial survey method to estimate the relative importance of six well-being dimensions (health, income, social relations, leisure, engaging activities, and religion) based on the views of older people themselves. Research Design and Methods We implemented a factorial survey in a repeated survey experiment among 800 older adults in Flanders (the Dutch-speaking northern part of Belgium). We performed several within-sample test–retests to investigate the consistency of the estimated coefficients over time (i.e., temporal reliability). In addition, we tested the feasibility of the factorial survey by studying two indicators of cognitive load: response time and response consistency. Results We estimated the relative importance of increases in six well-being dimensions. Increases from the lowest level to the highest level in the dimensions of health, income, and social relations had the highest effect on well-being—followed by leisure, engaging activities, and religion. The results proved to be consistent in most of the test–retest analyses. Furthermore, we found that respondents produced a high level of response consistency within an acceptable amount of response time. Discussion and Implications The findings suggest that the factorial survey method offers a promising way forward to elicit older people’s views on well-being and, hence, in developing tailored policies that matter to them.