The purpose of this study was to identify and compare instructors' and students' perceptions of factors that contribute to the effective use of Project-Based Learning (PBL) in Thailand. The sample for the study consisted of 247 electrical technology instructors from Thai vocational education institutes and 161 students who were electrical power graduates from these institutes. The data was analyzed using factor analysis and structural equation modeling with LISREL[TM]. The results of the study indicated that both instructors and students agreed on the importance of two factors: Motivation to Learn and use of the Scientific Process. Students were significantly more likely to value Sharing Ideas and Thinking Skills. The role of instructors and students in the PBL classroom is discussed. (Contains 5 tables and 3 figures.)