This study was the development of e-learning indicators used as an e-learning benchmarking model for higher education institutes. Specifically, it aimed to: 1) synthesize the e-learning indicators; 2) examine content validity by specialists; and 3) explore appropriateness of the e-learning indicators. Review of related literature included textbooks and research paper and its content was synthesized until 7 indicators were obtained: institute/organization, curricular program/teaching and instructional design, resource/technology/information technology, teaching/learning, learner, faculty and supporting personnel, and measurement/evaluation. Then, the obtained indicators were assessed by specialists based on content validity and appropriateness for further competency comparing.