"The Waltz" features only two characters: the female narrator and her male dance partner. One of the initial questions to consider about Parker's unnamed narrator is why she doesn't simply refuse. Readers might think the story's time period plays a role; after all, women in the 1990s are likely more assertive about saying 'no' or expressing their feelings. Yet, Parker tapped into a seemingly timeless trait when she created this character. Modern women still resonate with the narrator, often recalling moments when they felt compelled to go along with their partner's wishes in social situations, despite preferring otherwise.

Another key aspect of the narrator is her dual personality, revealed through her external and internal voices. The external voice is one of feminine compliance. It says "Yes" and frames information as questions to avoid appearing confrontational. In many ways, this voice represents a one-dimensional or stereotypical character. However, the internal voice, as critic Paula Treichler notes, shows sophistication, education, and familiarity with the male domain. It includes references to literary figures, popular culture, and theater. Moreover, this voice uses slang, curses, and sports metaphors—language unexpected from women in the early 20th century.

The male dance partner remains somewhat enigmatic, as he never speaks and is only seen through the narrator's perspective. While the narrator seems credible, her reliability is questionable since, by the story's end, she is willing to dance with the same partner again. Given that her internal thoughts are often exaggerated, it's unclear if her partner is truly as terrible as she portrays. Were his kicks really as harsh as she internally complains? It's crucial to remember that the interior monologue form allows for psychological exploration. The reference to Freud and Parker's use of internal monologues suggest she had some understanding of psychology. She used this knowledge to craft a narrator who ultimately denies her own pain. The depth of this denial highlights how strongly she feels pressured to adhere to traditional feminine behavior.