There has been an increasing trend towards project-based approach in higher education. For that reason, assessing and evaluating students' perceptions on formative feedback becomes an important aspect of students' learning in groupwork. Valid and reliable instruments are required to measure how students perceive formative feedback given to them from multiple sources. Therefore, the aim of the current study is to develop and validate a multidimensional formative feedback perception scale (FFPS) for the assessment of undergraduate students' perceptions on formative feedback provided to them as individuals or as a group on their project work. This study was implemented in three phases. In the first phase, qualitative data through interviews with 10 participants were used in development of the items for the scale. In the second phase, quantitative data from 97 undergraduate students were used to ensure validity and reliability of the new scale through exploratory factor analysis. Three dimensions emerged and were interpreted as development, understandability, and encouragement. In the third phase, data collected from an independent sample of 250 undergraduate students were used to confirm the factorial structure of the 25-item FFPS through confirmatory factor analysis. This new scale will serve as a useful tool for researchers, practitioners andindividuals in higher education in order to assess students' formative feedback perceptions in various work-based and experiential learning environments.