The intensities of fluorescence emission for pyrene and a number of its derivatives increase on binding to lipid bilayers and to the (Ca2+-Mg2+)-ATPase purified from rabbit muscle sarcoplasmic reticulum. The effect is particularly marked for the less water-soluble derivatives. Changes in intensity for monomer and excimer emission as a function of lipid concentration can be fitted to a simple model to obtain binding parameters. The number of binding sites per lipid is 0.2-0.4. For the ATPase system, at least two classes of sites are necessary to fit the data, one corresponding to the lipid component and one to sites on the ATPase. Excimer emission from the postulated sites on the ATPase is less marked than that from lipid. Pyrene-dodecanoic acid and pyreneundecyltrimethylammonium bromide, which bind to a large number of sites on the ATPase, cause marked inhibition of ATPase activity at high concentration. Pyrene and a number of water-soluble derivatives cause stimulation of the ATPase reconstituted with dimyristoleoylphosphatidylcholine and little inhibition and bind to a small number of sites on the ATPase. It is concluded that excimer emission from pyrene derivatives in systems containing proteins cannot be used to obtain reliable information about rates of diffusion in the lipid component of the membrane.