This study examined the underlying structure of self‐reports of family functioning by adolescents, mothers, and fathers (N of individuals = 360) from intact families. Participants completed a multidimensional self‐report measure of family functioning, and their responses were entered into a factor analysis with the family as the unit of analysis (N of cases = 120). The results indicate two types of factors: individual satisfaction factors and family system factors. The findings are consistent with the view that different types of characteristics assessed in self‐report measures of the family may be stored as different kinds of memories. The findings also provide preliminary data toward understanding the linkages between family system factors and satisfaction with the family based on family roles as adolescents, mothers, and fathers.