Emmert's law and the size-distance invariance hypothesis have been said to be formally equivalent, provided that Emmert's law means that the perceived size of an afterimage is proportional to the perceived distance of the projected surface of the afterimage. However, there have been very few studies that have attempted to verify this formal equivalence empirically. We measured both the perceived size and distance of afterimages and real objects with the same proximal size. Nineteen participants projected afterimages of 1 deg in visual angle on the wall located at distances of 1 to 23 meters from the participants. They also observed real objects, disc-shaped and made from a sheet of Styrofoam board, with the same proximal size as that of the afterimages, which were located at the same physical distances as those of the wall on which the afterimages were projected. Each participant reproduced the apparent sizes of the afterimages and real objects using the reproduction method and estimated the apparent distances using the magnitude estimation method. When the mean apparent sizes of the afterimages and real objects, represented as a function of apparent distance, were fitted to a linear function, the slopes for the afterimages and real objects did not differ significantly. These results are interpreted as evidence for the formal equivalence of Emmert's law and the size-distance invariance hypothesis.