Recently, increasing numbers of scholars have argued that emotional intelligence (EI) is a core variable that affects the performance of leaders. In this study, we develop a psychometrically sound and practically short EI measure that can be used in leadership and management studies. We also provide exploratory evidence for the effects of the EI of both leaders and followers on job outcomes. Applying Gross’ emotion regulation model, we argue that the EI of leaders and followers should have positive effects on job performance and attitudes. We also propose that the emotional labor of the job moderates the EI–job outcome relationship. Our results show that the EI of followers affects job performance and job satisfaction, while the EI of leaders affects their satisfaction and extra-role behavior. For followers, the proposed interaction effects between EI and emotional labor on job performance, organizational commitment, and turnover intention are also supported.