<p>This study investigated Saudi EFL students’ peer assessment experiences in oral presentations, focusing on their perceptions of influential factors, self-efficacy in peer evaluation, and gender- and academic-level differences. This study is informed by constructivist and self-efficacy theories, which disclose the importance of peer learning in fostering engagement, critical thinking, and evaluative skills. Employing a quantitative research design, data were collected from 470 participants, selected through purposive sampling. A validated questionnaire was used to gather insights, and the data were analyzed using descriptive and inferential statistics. The findings revealed inconsistencies in peer assessment practices influenced by factors such as feedback quality, peer interaction, and cultural expectations. Students demonstrated varying levels of engagement and preference for the instructor’s validation of peer feedback. While students recognized the value of peer assessment in fostering critical thinking and collaboration, concerns regarding fairness and cultural influence persisted. Moderate self-efficacy levels were observed, with female students exhibiting greater receptiveness to peer assessment factors and first-year students demonstrating higher enthusiasm than senior students. These results confirm the need for structured frameworks, targeted training, and digital tools to enhance peer-assessment practices in EFL classrooms. This study elucidates the potential of peer assessment to foster student engagement and confidence in evaluation. However, it also reveals the necessity of implementing well-defined frameworks, offering tailored training, and utilizing digital tools to optimize its impact. Future research should prioritize refining these methods to achieve fairness, efficiency, and alignment with cultural and educational needs.</p>