Previous studies on aversive learning have suggested a right hemispheric advantage for eliciting autonomic reactions to a masked conditioned facial stimulus (CS) depicting anger. The present study investigated the effects of visual field (VF), stimulus awareness, and emotional valence of the CSs on indicators of conditioning (bilateral SCRs, HR) using a differential conditioning paradigm (N = 41). In Group 1, four different negatively valenced facial expressions (CS+) but not four positively valenced CS− were associated with an unconditioned stimulus (US, aversive vocalization, 97 dB, 3 s) during acquisition. Group 2 received a treatment reversal with positive CS+ associated with the US. In a repeated measures design, CSs were presented with or without awareness during extinction (two weeks interval, order counterbalanced). SOAs were adapted for each subject and condition prior to the experiment so that identification performance was approaching chance level. The results revealed that both negative and positive facial expressions could be aversively conditioned providing evidence for a generalization of learning in the valence dimension. During extinction, preattentive negative CS+ presented to the left VF showed a trend towards greater electrodermal and cardiac reactions. However, no such effect emerged under full awareness of the CSs. These results confirm and further specify the nature of hemispheric asymmetries in emotional associative learning.