The development of information and communication technology (ICT) is changing the way in which people work, communicate and learn. Recently developing and implementing e-learning solutions have increased dramatically. According to heavily investing in this area, it is essential to evaluate its different aspects and understand measures, which influence its performance. Success in implementing and applying e-learning is vital because an unsuccessful effort will be clearly revealed in terms of the return of investment. Although many researchers have studied e-learning performance evaluation, there is little research on e-learning assessment which use some pedagogical principles and organizational issues along with IS assessment measures. The key challenge of current e-learning solution is related to the need for a systematic and pedagogical approach to e-learning in which three equally important considerations must be balanced: organization, pedagogy and technology. This paper proposes a conceptual framework based on BSC which measures of its four perspectives are extracted from IS evaluation literature and pedagogical and organizational criteria. The main contribution of this study are: (1) designing a comprehensive framework for evaluating e-learning initiatives by using balanced scorecard (BSC) which is not use in this field yet, (2) integrating pedagogical, organizational and technical dimensions. Proposed framework assists educational institutes to identified weak and strength aspects of e-learning programs and helps them to get better and make more effective their e-learning initiatives, which finally enhanced trainees and instructors. (Contains 4 tables.)