Perceiving visual semantics embedded within consecutive characters is a crucial yet under-explored capability for both Large Language Models (LLMs) and Multi-modal Large Language Models (MLLMs). In this work, we select ASCII art as a representative artifact. It depicts concepts through careful arrangement of characters, which can be formulated in both text and image modalities. We frame the problem as a recognition task, and construct a novel benchmark, ASCIIEval. It covers over 3K samples with an elaborate categorization tree, along with a training set for further enhancement. Encompassing a comprehensive analysis of tens of models through different input modalities, our benchmark demonstrate its multi-faceted diagnostic power. Given textual input, language models shows their visual perception ability on ASCII art concepts. Proprietary models achieve over 70% accuracy on certain categories, with GPT-5 topping the rank. For image inputs, we reveal that open-source MLLMs suffer from a trade-off between fine-grained text recognition and collective visual perception. They exhibit limited generalization ability to this special kind of arts, leading to the dramatic gap of over 20.01% accuracy compared with their proprietary counterparts. Another critical finding is that model performance is sensitive to the length of the ASCII art, with this sensitivity varying across input modalities. Unfortunately, none of the models could successfully benefit from the simultaneous provision of both modalities, highlighting the need for more flexible modality-fusion approaches. Besides, we also introduce approaches for further enhancement and discuss future directions. Resources are available at https://github.com/JiaQiSJTU/VisionInText.