As values shape the design and governance of technology, it becomes critical to move beyond universal framings to explore the nuanced, subjective understandings individuals hold about values. Traditional value elicitation methods often identify values at play but overlook how they are interpreted through individuals’ social identities and lived experiences. This paper introduces an AI-augmented value exploration method inspired by photo elicitation, which involves interviews supported by participant-taken photographs. Instead, we use AI-generated imagery to uncover hidden associations and insights around personal understandings of values. In an exploratory study with six participants, we focused on the value of well-being, examining how AI-generated visuals prompted diverse personal interpretations and facilitated deeper value reflections. Our findings show that this method uncovers implicit meanings and deepens discussions by translating abstract ideas into tangible interpretations to yield richer data on situated values.