This document examines the relationship between reference transactions at ARL libraries from 2006-2011 and factors relating to access (service points and hours) versus awareness (instruction sessions and participants). Using regression analysis on data from 91 ARL libraries, the study found that the numbers of instruction sessions and participants had a statistically significant relationship to reference transactions in most years, while service points and hours did not. Each additional instruction session was associated with 30 more reference transactions, and each participant with 1-2 more transactions, indicating that awareness through instruction was more important than access in terms of reference transactions. However, the author notes the results should be interpreted with some limitations of the regression analysis in mind.