Accountability concerns in language education call for the development of more valid and authentic measures of assessment. In light of these concerns, performance assessment has received increasing interest in the context of teacher education programs and teacher licensing over the last decade. In Iran, a recent policy adopted by Farhangian University aims at assessing the professional competencies of its ELT graduates by requiring them to go through a performance assessment as part of the licensing requirements. Mounting concerns regarding the validity of traditional tests used for teacher certification (Mitchell, Robinson, Plake, & Knowles, 2001) have motivated Farhangian University to develop its own performance assessment. Therefore, the present study explored the components of the performance assessment through detailed analysis of the Curriculum Document of the English Major, review of literature, and investigation of the stakeholders' perspectives. To this end, in this exploratory study, convenience, purposive, and cluster sampling procedures were used for the selection of the teacher educators, student-teachers, and mentor teachers. Then, in-depth interviews were conducted with the stakeholders. Finally, based on the content analysis of the above-mentioned sources which resulted in a strong agreement, a performance assessment scheme with seventeen items was developed. However, results of the factor analysis yielded a thirteen-factor performance assessment scheme to be used as the criterion for assessing the professional competencies of student-teachers.