This report presents the results of a delphi study used to determine the criteria for defining excellence in higher education. An open questionnaire was administered to the commissions on education of the Puerto Rico Legislature, the administrators and governing boards of the major public and private postsecondary institutions in Puerto Rico, and prominent figures of the academia, a total of 181 subjects. The results showed that respondents were likely to mention students' academic achievement as an important excellence criteria. In regard to academic programs and curriculum, respondents were likely to mention pertinence and comprehensiveness as excellence criteria. The academic preparation of the faculty and their mastery of instructional techniques were also considered essential criteria, as well as the sufficiency and adequacy of institutional resources. A deep concern for and commitment to the community was the excellence criterion most frequently mentioned by respondents in regard to the external environment. Contains 23 references. (GLR)