Dialogic approaches to feedback have been highlighted as important in re-conceptualizing the notion of feedback in higher education. However, this kind of claims has rarely been explored conceptually, and we know little about how dialogic feedback takes place when learners engage in feedback practices. The object of this study is two-fold; first we derive four dialogic dimensions from dialogic theory, and second we use these dimensions as an analytical framework to investigate feedback dialogues between a teacher and his students. For the purpose of in-depth investigation of the learning potential in dialogic feedback, we use interaction analysis. Based on the four theoretical dimensions merged with findings from our empirical case, we suggest an analytical model for the purpose of conceptualizing the distinctive features of dialogic feedback. The model holds four potentialities for student learning from dialogic feedback, which are; (a) emotional and relational support, (b) maintenance of the feedback dialogue, (c) opportunities for students to express themselves, and (d) the other's contribution to individual growth. We propose this model as an analytical tool for researchers in further investigation of learning potential in dialogic feedback in higher education contexts.