A growing body of research has investigated student perceptions of written feedback in higher education coursework, but few studies have considered feedback perceptions in one-on-one and face-to-face contexts such as master's thesis projects. In this article, student perceptions of feedback are explored in the context of the supervision of master's thesis projects, using review studies with respect to effective feedback in coursework situations. Online questionnaires were administered to collect data from three cohorts of master's students who were either working on their thesis or had recently finished it ("N"?=?1016). The results of the study indicate that students perceive the focus of feedback in terms of a focus on task and self-regulation; they perceive the goal-relatedness of feedback in terms of feed up (goal-setting) and feed back-forward (how am I going and where to next?); and elaboration of feedback is perceived in terms of positive and negative feedback. Furthermore, students that perceive the feedback to be positive, and to provide information on how they are going and what next steps to take, are the most satisfied with their supervision and perceive they are learning most from their supervisor. The findings are discussed in relation to findings in coursework settings, and are explained using goal orientation theories.