Stereoscopic image quality assessment (SIQA) is an important and challenging issue in three dimensional applications. In this letter, a perceptual modulated feature similarity (PMFS) metric for SIQA is proposed by considering the monocular and binocular perception properties. Specifically, stereoscopic image is first classified into monocular occlusion and binocular rivalry regions. Then, feature similarities between the original and distorted stereoscopic images are defined and measured for the monocular occlusion and binocular rivalry regions as the local monocular and binocular quality maps, respectively. Monocular and binocular just noticeable difference visual saliency models are presented to construct a modulation function to derive monocular and binocular quality scores. Finally, those scores are integrated into an overall quality score by support vector regression. Extensive experiments performed on LIVE phase II and MICT asymmetric databases demonstrate that the proposed PMFS metric can achieve much higher consistency with the subjective quality scores than some state-of-the-art SIQA metrics.