This paper reports the results of the validity studies done on the Five P's (Parent/Professional Preschool Performance Profile), an assessment tool for parents and teachers developed by the Variety Preschooler's Workshop (Syosset, New York) to rate young handicapped children functioning between birth and 5 years of age on their observed performance in five areas of development: (1) routines and self-help skills, (2) motor, (3) language, (4) social, and (5) cognitive development. The validity studies focused on the correlations of the teacher's rating of 14 of the Five P's scales with scores on established tests including selected subscales of the Preschool Attainment Record; California Preschool Social Comptency Scale; the Developmental Test of Visual Motor Integration; subscales of the McCarthy Scale; subscales of the Burkes Behavior Rating Scale; the Carrow Test for the Auditory Comprehension of Language; the Bzoch-League REEL scale; a Mean Length of Utterance measure; and the Leiter scale. The validity coefficients for all 14 subscales were in the .50 to .70 range. The results indicate strong evidence that the Five P's is a valid teacher observation instrument which measures important aspects of the young handicapped child's behaviors and skills. (Author/CL)