Current preschool assessments lack the ability to capture performance variance and complex thinking skills. This study examined the relationship among student performance, student feelings, and teacher perceptions as they apply to using a formal performance assessment in a preschool setting. A formal performance assessment was administered to 71 preschool-aged children (56-71 months of age). The data were analyzed using descriptive and inferential statistics. As hypothesized, there was a significant and positive correlation between the students' performance and the teachers' perceptions. Furthermore, there was not a significant relationship between either the students' feelings and the teachers' perceptions or the students' feelings and the students' performance. These findings and theoretical study indicate support for the use of formal performance assessment to evaluate preschool students. Limitations and implications of the results are discussed.