Image quality of hardcopy is significantly influenced by paper properties. In this article, two kinds of image, a hardcopy and an image projected onto paper, are analyzed using a function based on the Modulation Transfer Function (MTF) of paper, and evaluated by observer rating experiments. As a result, good correlation was obtained between the function values and the observer rating values. It is shown experimentally that the reflectance and MTF of paper are of significant importance in the image quality of hardcopy.