This study aimed to design a new performance-based assessment system for educational practicums to replace the high-risk assessment included in the Teacher Education Act, amended in 2017. Data were collected from stakeholders’ opinions, including 330 student teachers, 255 cooperating teachers, and 41 teacher educators through descriptive statistics. The results demonstrated that the newly developed system allows stakeholders to understand the whole educational practicum process, allows participating teachers to better understand the ways they can help student teachers, facilitates stakeholder interactions, stimulates participating teachers’ reflections, and reduces the burden due to previous reforms to the education practicum assessment system. Second, the tasks can promote student teachers’ professional competence, but must be adjusted for tasks that are too cumbersome. Third, the use of performance-based assessment methods can make the outcome of assessments more objective and reach a consensus. This research developed an original performance evaluation system that parallels international trends and conforms to the characteristics of educational practicum situated learning. This research also provides additional design ideas and evidence for the transformation of the educational practicum system in Taiwan as a basis for granting teacher certificates.