Along with the "massification" of higher education in China since the late 1990s, the issue of quality and excellence appeared at the top of China's higher education agenda. Since faculty evaluation of teaching is one of the major approaches adopted by China's higher education sector to pursue quality and excellence, it is valuable to examine the effectiveness of faculty evaluation of teaching practices adopted by the Chinese higher education institutions (HEIs). Study of current literature reveals some similarities and differences between the faculty evaluation of teaching policies and practices between Chinese and American higher education sectors. This paper examines the specific practices adopted by some top-tier Chinese HEIs and American elite colleges and universities, summarizes and analyzes the major differences and similarities of faculty evaluation of teaching practices between these two countries' top-tier HEIs, and discusses the applicability of the American models to the Chinese setting of higher education. Finally, a set of best practices regarding faculty evaluation of teaching are proposed for Chinese HEIs.