The objective was to compare the mean propulsive velocity (MPV), maximum power (PMAX), heart rate, and rate of perceived exertion (RPE) during the parallel squat using elastic bands (EB) or weight plates (WP) to load the bar. The effect of relative strength on the dependent variables was analysed. Additionally, the potential of the RPE to predict external load parameters was assessed. Eighteen trained volunteers squatted at 40%, 55%, 70%, and 85% of their one-repetition maximum with EB and WP (a total of eight sets) in random order. Dependent variables were measured at the first and last repetition (i.e., 10% velocity loss). Two identical sessions were conducted to assess the reliability of measurements. Compared to WP, EB allowed a significantly greater number of repetitions, MPV, and PMAX, and significantly lower RPE. The RPE of the first repetition was a significant predictor of the external load of the set. The RPE showed good repeatability and was not influenced by the relative strength of athletes. In conclusion, compared to WP, the use of EB allows for greater external load with reduced internal load responses in a wide spectrum of load-based intensities. The potential implications of these novel findings are discussed in the manuscript.