Teacher leadership has received attention for empirical and practical reasons. However, despite the evolution of the concept over the last several decades, there is still dissonance regarding the concept of teacher leadership. This study was grounded in the theory of professional identity to understand how administrators and teachers conceptualize teacher leadership. We studied the perceptions of administrators and teachers about teacher leadership using a survey and interviews. While there was some overlap in how administrators and teachers perceived teacher leadership, administrators viewed teacher leadership as occurring outside of the classroom while teachers located it inside of the classroom. Teachers also valued formal and informal mentoring. We provide implications for research and practice based on these findings.