Spectroscopic studies of single-bubble sonoluminescence (SBSL) in water and aqueous sodium chloride solutions with a defined concentration of argon were performed as a function of the driving acoustic pressure. The broad-band continuum ranging from 200 to 700 nm is characterized by fits using Planck’s law of blackbody radiation. The obtained blackbody temperatures are in the range of 104 K and are revealed to be independent of the presence of a salt and the acoustic pressure, whereas the SL intensity increases by a factor of more than 10 within the studied acoustic pressure range. The different trends followed by SL intensity and blackbody temperatures question the blackbody model. In solutions with 70 mbar of argon, line emissions of OH• radicals and Na* are observed. The shape of the OH• radical emission spectrum is very similar to that in MBSL spectra, indicating the strong similarity of intrabubble conditions. An increase of the acoustic pressure causes the continuum to overlap the lines until they become indistinguishable. The emission line of Na* in NaCl is observed only at high NaCl concentrations. When sodium dodecylsulfate is used a pronounced Na* line is already observed in a 1 mM solution thanks to enrichment of sodium ions at the interface. The results presented in this work reveal the strong similarity of SBSL and MBSL under certain experimental conditions.