The purpose of this paper is to suggest and describe a methodological approach for studies of learning within school physical education (PE) in order to investigate and clarify issues of learning in an embodied practice. Drawing on John Dewey's work, and especially his use of the concept "transaction", a transactional approach is suggested as a way of developing an action-orientated method necessary for investigating learning in PE. The approach is illustrated by extracts from a video analysis of a PE lesson in Sweden, and shows how an analytical focus on meaning making, actions, events and participators in meaning-making processes can help to overcome methodological challenges related to dualist and cognitivist approaches and reach a deeper knowledge of student learning issues in PE. (Contains 8 notes.)