This paper addresses the need for a more comprehensive framework of excellence in higher education, which goes beyond academic achievement alone, placing emphasis on its integration with personal characteristics, and acknowledging the diversity in the student population. Two research studies were conducted to establish this comprehensive framework. The pilot study aimed to offer a conceptual definition of the excellent university student according to the perceptions of the academic community. The study, which involved 26 teachers and 159 students, was informed by teacher interviews, student essays, and focus group discussions. The established conceptual framework of excellence was based on a subset of essential attributes that could be embodied by a real student. The conceptual framework comprises facets of expertness, proactive learning, and being a good person organised within the dimensions of educational and personal excellence. It is complemented by academic achievement and underpinned by genuine study motivation. Building upon the findings of the pilot study, the main study aimed to develop and implement a systematic procedure for identifying excellent students. The study, which involved 53 teachers and 112 students, was based on a multisource assessment of multiple contextually relevant criteria of excellence. The identification procedure involved three phases: teacher nomination and assessment, academic achievement assessment, and peer assessment. As a result, 10 excellent students were identified who met all the conceptual criteria of excellence. In conclusion, this paper presents a comprehensive conceptual and methodological framework for defining and identifying excellent university students, grounded in both theoretical principles and empirical findings.