Freediving requires individuals to continuously interpret physiological sensations that may be experienced as unfamiliar, intense, or uncertain. While physiological measures such as heart rate variability (HRV) and oxygen saturation (SpO₂) provide valuable information regarding physiological adaptation and performance, they do not capture how divers experience, interpret, and assign meaning to those physiological states. This exploratory project examined psychological safety, physiological signal interpretation, and the subjective experience of freediving during a first-time competition at altitude. Participants completed pre- and post-event assessments, including the Neuroception of Psychological Safety Scale (NPSS) and event-specific questions examining confidence in recovery, interpretation of physiological signals, coaching relationships, psychological safety, and perceptions of altitude-related stress. Descriptive analyses were conducted to explore participant experiences and identify patterns within the data. Participants reported high levels of social safety and compassion throughout the event. The largest change occurred in the Body Safety domain of the NPSS, suggesting increased confidence in physiological regulation and comfort within the body following participation. Divers who interpreted physiological sensations as signals requiring adjustment reported greater confidence in recovery than divers who interpreted those sensations with concern or uncertainty. Experience-related patterns suggested that confidence and interpretation may not develop linearly across a freediver's career, with intermediate divers reporting greater uncertainty than both novice and more experienced participants. Findings also highlighted the importance of community, co-regulation, and interpersonal trust within the competitive freediving environment. These findings suggest that psychological safety in freediving extends beyond interpersonal relationships and may include how divers interpret physiological signals, develop confidence in recovery, and cultivate trust in their bodies during challenge. Examining subjective experience alongside physiological metrics may provide a more complete understanding of performance, adaptation, and safety in freediving Keywords: Freediving, psychological safety, physiological signal interpretation, neuroception, self-trust, co-regulation, altitude, competition, nervous system regulation