The equilibrium formation of mono- and diperoxovanadium(V) compounds from vanadate esters and hydrogen peroxide in ethanol and dioxane—ethanol mixtures has been studied by electron spectroscopy. The acid—base behaviour of the peroxo species identified by the spectroscopic investigation was studied potentiometrically. The results show that in ethanol a monoperoxo species, which behaves as a weak acid, is formed at low hydrogen peroxide concentrations and that such a species is transformed into a diperoxo compound, which behaves as a strong acid, at higher [H2O2]0. In dioxane—ethanol, on the other hand, only the monoperoxo species can be detected, even at high hydrogen peroxide concentrations. The consistency of these findings with the outcome of previous kinetic investigations is discussed.