Positive emotion regulation is important for enhancing psychological well‐being. Previous studies have adopted a cross‐sectional design to examine the relationships between positive emotion regulation strategies and psychological functioning. Relatively little is known about the role of positive emotion regulation strategies in positive and negative emotions in everyday life. This study examines associations between perceived capability of savoring and trait positive rumination and everyday emotions. Among 300 Hong Kong Chinese (age 18–77 years), perceived capability of savoring the moment and positive rumination predicted higher positive emotions during positive‐valenced events. Perceived capability of savoring the moment predicted lower negative emotions during positive‐valenced events and higher positive emotions during negative‐valenced events. Positive links between positive valence ratings of events and positive emotions were stronger among individuals who reported higher levels of perceived capability of savoring through reminiscence and greater trait emotion‐focused rumination. Positive links between negative valence ratings of events and negative emotions were significant only among individuals who reported low/medium levels of perceived capability of savoring through anticipation. These findings suggest that: (a) perceived capability of savoring and trait positive rumination are key mechanisms for increasing positive emotions and (b) perceived capability of savoring fosters adaptive adjustment to stress during negative events.