This study emphasizes female teachers’ enthusiasm for physical education (PE) class and efficacy for teacher-student relations as variables that affect elementary female teachers’ subjective satisfaction with PE class. Furthermore, it statistically verifies the interaction effect of efficacy for teacher-student relations in the relationship between enthusiasm and satisfaction with PE class. Thus, a survey was conducted targeting 122 female teachers who teach PE at elementary schools to measure teacher enthusiasm, teacher efficacy for teacher-student relations, and subjective PE class satisfaction. Based on the collected data, descriptive statistical, correlation, hierarchical regression, and interaction effect analyses were conducted. Thus, teachers’ enthusiasm for PE class and teacher efficacy for teacher–student relations perceived by female elementary school teachers demonstrated a significant positive correlation with subjective PE class satisfaction. In addition, the positive influence of teacher enthusiasm and teacher-student relationship efficacy on PE class satisfaction was verified. Moreover, the teacher efficacy for teacher-student relations positively moderates the relationship between enthusiasm for PE class and subjective PE class satisfaction.