In this case study of a peer mentoring program developed for first-year education doctoral (Ed.D.) students, we sought to understand how participants' experiences in the program might yield understanding about the mentoring process. Study participants included 11 mentees and 4 mentors. Interview and focus group data were analyzed through the conceptual model of self-regulated learning and mentoring. Four themes relevant to the phases of self-regulated learning emerged. Participants engaged in goal-setting in conversations about pre-planning for the dissertation and professional goals. During the post-mentoring phase, mentors' reflections on their conversations informed future conversations. Mentors transferred their knowledge by engaging in self-reflection about their professional practice. Finally, mentoring conversations increased mentees' self-efficacy. Implications for peer mentoring programs include paying attention to demographics and issues of pair compatibility. Future research ought to include the collection of longitudinal data and observations of mentoring conversations.