Although the majority of social exchange research within the organizational sciences relies on reciprocity as the underlying theoretical mechanism in exchange relationships, reciprocity is rarely studied in its own right. The current research sought to directly examine perceptions of reciprocity in the context of peer exchange relationships and to investigate the extent to which peer perceptions of reciprocity are attributable to individuals and also to relationship-specific factors. The results of a social relations analysis indicated that the variance in peer ratings of reciprocity is predominately attributable to the person who is doing the rating (i.e., the perceiver) and/or the unique relationship between the rater and the person being rated (i.e., the relationship). The results also suggested that exchange ideology, conscientiousness, and gender were not significantly related to perceiver or target effects for reciprocity perceptions although agreeableness and neuroticism were significantly related to reciprocity perceiver effects. In regard to relationship effects, perceived similarity was significantly related to relationship effects for reciprocity perceptions. The results also indicated that the extent to which an individual wants to continue working with a specific peer is significantly influenced by agreement in reciprocity perceptions between the two peers. Overall, the results support the conceptualization of reciprocity as both a relational phenomenon and an individual difference. The ways in which theory, methods, and analyses can be aligned to account for these findings are discussed.