The paper analyzes ethnic stereotypes of modern Russians and Italians. The analysis is based on the projective technique for studyning the perception of ethnic stereotypes in the axiological space. A specialized semantic differential vas elaborated. The respondents were asked to estimate the significance of 30 values for “representatives” of different countries. The results obtained with applications of the semantic differential. The method of the factor analysis was used to build the semantics space for Italian and Russian. The comparative analysis was conducted in terms of subjective semantic spaces. Two dendrograms was build as a result of this research. It has revealed some certain similarities in the estimates of respondents belonging to different samples and some significant differences between them.