Measuring teacher effectiveness has been debated and studied for numerous years. While some progress has been made, consensus has yet to be reached regarding what it means to be an effective teacher and how to measure effectiveness. This study uses administrative data from North Carolina to assess the relationship between school principal evaluations of teachers and student achievement based on a value-added measure. Multi-level linear regression results suggest that 1) teachers account for the majority of the variation in value-added scores, 2) principal evaluations of teachers have some predictive value relative to the teacher effectiveness measure, and 3) teacher evaluation scores fail to signal teacher effectiveness scores. Outcomes are discussed in terms of educational leadership and policy.