We report on a pilot study involving emotion elicitation in virtual reality (VR) and assessment of emotional responses with a consumer-grade EEG device. The stimulation used HTC Vive VR system showing pictures from NAPS database within a specifically designed virtual environment. The stimulation consisted of two distinct sequences with 10 pictures of happiness and 10 pictures of fear. Each picture was contained in a separate virtual room that the participants traveled through along a preset path. The estimation employed EMOTIV EPOC+ 14-channel EEG headset and a custom-developed application. The software wirelessly received EEG signals from alpha, beta low, beta high, gamma and theta bands, time-stamped them and dynamically stored in a relational database for subsequent analysis. Our preliminary results show that statistically significant correlations between valence and arousal ratings of pictures and EEG bands are present but highly personalized. Simultaneous correct placement of VR and EEG headsets is demanding and precise localization of electrodes is difficult. In fact, if emotion estimation is not strictly necessary we recommend using devices with fewer electrodes. Nevertheless, we found the EEG to be effective. By acknowledging its limitations, and using the headset in the correct context, experiments involving emotions may be significantly amended. © 2018 Croatian Society MIPRO.