Replay, the sequential reactivation of a neuronal ensemble, is thought to play a central role in the hippocampus during the consolidation of a recent experience into a long-term memory. Following a contextual change (e.g. entering a novel environment), hippocampal place cells typically modulate their in-field firing rate and shift the position of their place field, providing a rate and place representation for the behavioral episode, respectively. However, replay has been largely defined by only the latter- based on the fidelity of sequential activity across neighboring place fields. Here we show that dorsal CA1 place cells in rats can modulate their firing rate between the replay of two different contexts, mirroring the same pattern of rate modulation observed during behavior. This context-driven rate modulation within replay events was experience-dependent, observable during both behavioral episodes and throughout the subsequent rest period, but not prior to experience. Furthermore, we demonstrate that both the temporal order and firing rate of place cells can independently be used to decode contextual information within a replay event, revealing the existence of two separable but complementary neural representations available for memory consolidation processes.