<p>Feedback is a crucial element in supporting student learning, yet little is known about how students’ perceptions—rather than just the quality and quantity of feedback—impact their experience. This study addresses this gap by first identifying four key dimensions of students’ perceptions of feedback: intimacy, intellectual respect, efficiency, and credibility. Using a 2 × 2 factorial design with 129 undergraduates in an online discussion context, we examined how feedback source (teacher vs. machine) and target (participatory vs. cognitive) influenced these perceptions. Furthermore, we assessed how these dimensions predicted two outcome variables: behavioral intention and perceived effectiveness. A two-way MANOVA revealed that students perceived teacher-generated feedback significantly more positively than identical machine-generated feedback. Interaction effects between source and target were also found, particularly regarding credibility. Multiple regression analyses revealed that efficiency was a key predictor of behavioral intention, while intellectual respect and credibility emerged as key predictors of perceived effectiveness. The findings suggest theoretical and practical implications for design and use of feedback in online learning, advocating for a future that values teacher–machine complementarity.</p>