"[4] The Moody Blues described the song as a sequel of sorts to their earlier single "Your Wildest Dreams," with the singer looking for his lost love, although according to Kachejian many fans considered it to have a deeper spiritual theme.

"[7] Kachejian rated "I Know You're Out There Somewhere" as the Moody Blues' 9th greatest song, saying that it "presented a more beautiful melodic line, and did indeed seem more sensitive and appealing than the 'Your Wildest Dreams' recording.

"[4] Classic Rock critic Malcolm Dome rated it as the Moody Blues' 2nd greatest song, saying that it's "catchy yet also calmly intricate.

"[5] Midder critic Will Fenton rated it as the Moody Blues' 2nd greatest song, calling it "a classic example of Moody Blues’ style, combining lush instrumentation, emotive vocals, and sophisticated lyrics" and also commenting on how its "music builds to a stunning crescendo.

His 2013 album Spirits of the Western Sky has a dance version titled "Out There Somewhere", plus an extended remix by Raul Rincon.