This study examined patterns of responses for physiological and perceptual variables during cycle ergometry at a constant rate of perceived exertion (RPE) within the moderate and heavy exercise intensity domains. Nineteen (mean age 21.3 ± 0.5 years; 43.4 ± 2.0 mL·kg−1·min−1 V ˙ O 2 Peak ) moderately trained cyclists performed an incremental test to exhaustion and two 60 min constant RPE rides at the RPE corresponding to the gas exchange threshold (RPEGET) and 15% above the GET (RPEGET+15%). Oxygen consumption ( V ˙ O2), respiratory exchange ratio (RER), heart rate (HR), minute ventilation ( V ˙ E ), breathing frequency ( ℱ b ), and power output (PO) were monitored throughout the rides. Polynomial regression analyses showed V ˙ O2, RER, HR, and V ˙ E (correlation = −0.85 to −0.98) tracked the decreases in PO required to maintain a constant RPE. Only ℱ b tracked RPE during the moderate and heavy intensity rides. Repeated measures ANOVAs indicated that V ˙ O2 during the 60 min rides at RPEGET was not different (p > 0.05) from V ˙ O2 at GET from the incremental test to exhaustion. Thus, monitoring intensity using an RPE associated with the GET is sustainable for up to 60 min of cycling exercise and a common mechanism may mediate ℱ b and the perception of effort during moderate and heavy intensity cycle ergometry.