There are many studies about the experiences of higher education students, but few analyze their representations of the governance and the management of their institutions. Our study will describe, analyze and compare students' representations of institutional evaluation at three institutions in Portugal and Brazil. Our results, based on an open questionnaire which sought to collect students' views on institutional evaluation, show that students' views are neither homogeneous nor do they simply reproduce the dominant external perspectives on the subject. A significant amount of students thought that evaluation is a legitimate exercise, resulting from a political decision, which is useful to improve the quality of universities and the relationship between students and academic staff. Some students also recognize that evaluation will lead to institutional comparisons, functioning as a mechanism of control, regulation, monitoring, and possibly of standardization. It is also noted to be "an impossibility," since it can never comprehend the existing diversity of institutional performance. (Contains 2 tables.)