In this study, the effectiveness of peer assessment, which has an important role in measurement and evaluation, was attempted to be defined. For this purpose, performance task, which is one of the alternative assessment techniques, was evaluated with the help of a scoring rubric prepared by the researchers. As a basic research, the working group was 41 sophomore students and their instructor. Three of 41 students were acted as rater and they rated their 38 peers' performances with the instructor. The analysis of the data was carried out by using fully crossed two-facet design (sxtxr) of generalizability theory in three steps: G-studies for peer and peers-instructor ratings and D-study for peer ratings. According to the results of the G studies, the reliability coefficient obtained from the peer ratings and peer-instructor ratings were quite high (0.86 and 0.82 respectively). According to the result of the D study of peer ratings, just two peer raters are enough for getting high reliability coefficient. With the help of the gained results, it is suggested that peer assessment, which is effective on learning and decision making processes of students, should be used more often in education systems.