The impact of environmental noise on the health and well-being of people living in cities is an issue that has been addressed in the scientific literature to try to develop effective environmental policies. In this context, road traffic is the main source of noise in urban environments, but it is not the only source of noise that pedestrians hear. This paper presents an experimental study using in situ surveys and acoustic measurements to analyse the capacity of acoustic variables related to sound energy to estimate the occurrence and importance of noise effects in urban environments. The results revealed that average sound energy indicators can be considered most significant in terms of the perception of the noise effects studied on pedestrians. When estimating noise effects from them, frequency weightings related to flat or nearly flat spectra (Z and C weightings) were found to provide better results than an A weighting; however, it was also concluded that if the average energy is considered, the use of a temporal I weighting did not lead to improvements. The perception of how noisy a street is, it is strongly associated with a low frequency, and annoyance was the effect that generally showed the strongest significant correlations with acoustic indicators. The indicators of minimum sound levels explained a larger proportion of the variability of noise effects than the indicators of maximum energy; they were even better in this regard than any of the average energy indicators in terms of explaining the variability of startle and annoyance in the ears, and they were found to be equivalent when interruption of a telephone conversation was assessed. Both acoustic variables associated with sound energy in different parts of the audible spectrum and Leq in each one-third octave band showed significant correlations with the effects of noise on pedestrians. Similarities in the structure of the spectra were found between some of these effects.