[2] Historically, it was associated with Gamma Sigma Epsilon, another academic fraternity founded in 1919 by Davidson students interested in chemistry.

[2] Three years later, in 1928, the society held its first Physics Congress, a national gathering attended by members of the then six extant chapters.

[7] It became a member of the Association of College Honor Societies, an accrediting organization for honor societies in the U.S.[7] The society's stated goals are "to honor outstanding scholarship in physics and astronomy; to encourage interest in physics and astronomy among students at all levels; to promote an attitude of service of its members towards their fellow students, colleagues, and the public; to provide a fellowship of persons who have excelled in physics and astronomy.

Students elected to membership must attain high standards of general scholarship and outstanding achievement in physics.

[1][10] The society's national organization does not put restrictions on the induction of graduate students and faculty members.

Any student may join "provided that they meet the standards and have demonstrated an interest in physics and astronomy.

Only distinguished physicists and related scientists who have made valuable contributions to physics at the national level are eligible for this honor.