Informed by the effective feedback model, the study explored the efficacy of peer assessment (PA) regarding feedback content, strategy, and uptake along with their intertwined relationships in translator education. Multiple sources of data, including students’ translation drafts and their revised work, audio recordings of PA presentations and discussions, questionnaires, and teaching materials were collected. The results revealed that the students tended to provide direct correction and reformulation on lower-level language issues. While they positively responded to the peer feedback they received, the explicitness of the feedback and solutions to the problems significantly influenced their responses. The study also discovered associations between content and strategy, as well as between strategy and uptake, while no connection was found between content and uptake. The study contributes to the extant research on PA in higher education by investigating its efficacy from a multidimensional perspective and provides practical implications for its effective implementation in translation classrooms.