This study examines the influence of perceived social presence on online graduate students' value and expectancy beliefs. Forty-nine participants enrolled in an online teacher leadership graduate program completed questionnaires that measured perceived social presence and value and expectancy beliefs. A series of simple linear regression analyses revealed that social presence positively predicted students' value for online learning. Social presence did not predict participants' expectations of future success in teacher leadership. Results partially supported the assumption of the expectancy-value model that motivational beliefs are influenced by the information students receive from social partners. Moreover, the study tested and confirmed the application of the model in online settings and for students pursuing graduate education.