Feedback has a powerful influence on learning. However, feedback practices in higher education often fail to produce the expected impact on learning. This is mainly because of its implementation as a one-way transmission of diagnostic information where students play a passive role as the information receivers. Dialogue around feedback can enhance students' sense making from feedback and capacities to act on it. Yet, dialogic feedback has been mostly implemented as an instructor-led activity, which is hardly affordable in large classrooms. Dialogic peer feedback can offer a scalable solution; however, current practices lack a systematic design, resulting in low learning gains. Attending to this gap, this paper presents a theoretical framework that structures dialogic feedback as a three-phase collaborative activity, involving different levels of regulation: first, planning and coordination of feedback activities (involving socially shared regulation), second, feedback discussion to support its uptake (involving co-regulation), and last, translation of feedback into task engagement and progress (involving self-regulation). Based on the framework, design guidelines are provided to help practitioners shape their feedback practices. The application of the principles is illustrated through an example scenario. The framework holds great potential to promote student-centred approaches to feedback practices in higher education.