The use of flipped learning (FL) is increasing in higher education with enormous educational benefits. But limited research has investigated the relationships of students' transactional distance (TD) perceptions, engagement, and course satisfaction in FL. This correlational study was conducted to explore these important factors and their relationships in FL. 198 undergraduate students participated in this 14-week-long study, including 105 females and 93 males. Three well-established instruments were employed to collect data. The path analyses with the structural equation model showed that students' TD perceptions were significantly related to their engagement and course satisfaction in FL. Furthermore, the study found that each of the five types of interactions, as sub-dimensions of TD perceptions, was positively related to student engagement as well as course satisfaction in FL. The research findings provide strong empirical evidence on the effect of TD perceptions on student engagement and satisfactions, and have rich implications for the design, implementation, and research of FL.