The purpose of the study reported on in this paper was to identify and compare instructors' and students' perceptions of Team-Based Learning (TBL). Participants were 270 instructors and 288 fourth year students from the faculties of Industrial Education at six universities in Bangkok. The data were analyzed using factor analysis and structural equation modeling with LISREL[TM]. Results indicated that both instructors and students agreed on the importance of two factors in TBL: Active Learning and Authentic Assessment. Students were significantly more likely to favor The Value of Team. Instructors were significantly more likely to value the importance of Instructional Design for TBL. (Contains 4 tables and 3 figures.)