This dissertation aims to analyze the effectiveness of relationship between ambience constructs and visitors’ perceptions of values at special events in the case of the Hydro Air Show 2010, Gelendzhik city, Russia. The leisure aspect of the event was primarily explored. The literature presents valuable findings regarding visitors’ perceptions of values and ambience constructs at special events. Survey findings confirmed the interrelationships between the elements of the proposed model in correspondence with the theoretical framework of the dissertation. Personnel, layout and design of the event are core attributes creating the ambience. Ambience constructs play mediation role in designing visitor’s experiences and forming their perceptions of values. Emotional perceptions are the most effective in terms of memory recollection of experiences over time. Physical evidence is primary indicator of perceived quality and values among the visitors of the Air Show. Perceived values are primary based on price versus quality and benefits, whereas latter is associated with supplementary services.