Shadows in PNG-file look different in Premiere Pro compared to Photoshop

I've been able to recreate this issue when exporting/saving .png from Photoshop and importing into Premiere pro. 
I've tried multiple export color profiles, which did not help.

What solved it for me was after importing into Premiere, right-click the .png > Modify > Interpret footage > Color and override the colorspace to Rec 709.  This matched the .png colors to the underlying footage.

More details:   I created a .png that masks out objects in a static video file. The photoshop file was created from a .tiff screenshot of footage in my premiere timeline. When overlaying the .png from Photoshop on the top track in my timeline, the shadows of the .png did not match the shadows of the footage.  After modifying the color space interpretation to rec. 709 (my footage is rec.709), the shadows, highlights and colors all matched perfectly. 

Hope this helps!

You can see how different the shadow looks after importing the two images to Premiere Pro. Why is this?

Since the drop shadow is semi transparenent i would go to Sequence > Sequence Settings and un-check "Composite in Linear Color..." in the sequence you are using.

Also ... make sure you are exporting to sRGB and not ProPhoto, Adobe-RGB, or in CMYK from within Photoshop.

Neil

Did you bring the PNG files back into Photoshop and compare? I would expect you'll see just about the same result as you see by importing the PNG files into Premiere. It's likely just that the alpha is rendered at a particular depth and not quite true to what you are editingin Photoshop. I would guess that if you want the same depth to that shadow, to just import the PSD into Premiere.

Does it make any difference if you turn MPE Hardware to Software.