As a peer-assisted learning process, minilectures on physiology were conducted by students. During this process, students lecture to their colleagues in the presence of faculty staff members. These lectures were evaluated by faculty staff and students simultaneously. The aim of this study was to compare feedback from faculty members and students on 66 minilectures conducted by students. Their perception of different qualities of lecture was assessed using a questionnaire. There were significant correlations between students and faculty members for many qualities of the lecture, including the speed of the lecture, retaining attention, clear introduction, and the overall quality of the lecture. However, ratings for gesture, eye contact, language usage, illustration usage, audiovisuals, voice usage, and important points stressed were significantly different between students and faculty members. Multiple regression analysis was performed to assess the degree of effect of different aspects of a lecture on its overall quality. Aspects such as gesture, eye contact, and language usage showed very low β-values, suggesting a poor contribution of these factors to the overall quality of the lecture for both students and faculty members. The speed of the lecture, retaining attention, and clear introduction were qualities that faculty members and students rated equally, and these were the main contributors to the overall quality of the lecture. Awareness about the possible discrepancy between ratings given by faculty members and students may be important when interpreting the evaluation results of formal lectures by these two groups.