The H/D exchange kinetics of the protonated serine octamer was investigated by both flow-tube and FT-ICR experiments. The exchange was observed to be bimodal in agreement with previous observations. Quantitative analysis of the experimental results led to site-specific H/D exchange rate constants on the basis of which the structures of both ion populations were deduced. We observe the two separate conformers exchanging 33 hydrogens each-in an independent manner and at different rates. This result was achieved through a probabilistic algorithm that groups together equivalent hydrogen atoms having equal rate constants. The slower exchanging population A is assigned an all-zwitterionic structure. Its faster exchanging counterpart B is assigned an all-neutral structure. Population A was found to be more stable toward collision-induced activation than population B. All of these findings are consistent with previous experimental results, thus comprising a self-consistent picture of the protonated serine octamer and its gas-phase properties.