A projection screen includes a substrate having at least a first surface, a reflective layer having a first surface and an opposing second surface, and diffusion layer having a first surface defined by a matte finish and an opposing second surface. The second surface of the reflective layer is attached (e.g., via an adhesive) to the first surface of the substrate and the second surface of the diffusion layer is attached (e.g., via an optically transparent adhesive) to the first surface of the reflective layer. The projection screen is preferably flexible and wound around a conventional roller to form a projection screen system. Alternatively, the projection screen may be attached to a rigid substrate. The second surface of the diffusion layer has a preferably smooth finish, but may include desired irregularities to achieve a desired screen directivity performance.