AbstractHumans’ risk perception has been recognized as a significant factor affecting behavior safety. In the aviation domain, the two different roles of crews in the cockpit—pilot flying (PF) versus pilot monitoring (PM)—are responsible for different tasks. However, little is known about how role assignment shapes pilots’ perceived risk. We designed a flight‐simulation experiment where 57 professional pilots completed two counterbalanced approaches under different role assignments with the assistance of a flight instructor in a full flight simulator. Their perceived risks were measured by psychophysiological responses and compared between the two different cockpit roles. Results indicate that participants exhibited stronger psychophysiological responses (e.g., higher subjective ratings, skin conductance responses, heart rates, and inter‐beat intervals) when they served as PF than PM. Particularly, they reported higher scores in affect, susceptibility, and severity dimensions as PF than PM. The asymmetrically psychophysiological responses between the two varying roles in the cockpit emphasize the importance of controllability in shaping the pilot's perceived risk. Theoretically, our findings contribute to the existing literature on pilots’ perceived risk. Practically, we pave the way for engaging specific interventions and training for improving crew performance and flight safety.