One of the factors determining the successful social and economic development of any society is the ability of its members to acquire and apply knowledge effectively for the creation of innovative structures, processes, and products. This demands the revision of strategic objectives of higher educational institutions and their reorientation toward the equipment of students with well-developed structural knowledge. The mentioned type of knowledge refers to understanding of relationships between concepts in a domain. It underlies the individual’s problem-solving capabilities and expert performance, as well as processes of knowledge acquisition, retention, recall, and transfer. Therefore, teachers of higher educational institutions should develop and assess students’ structural knowledge on a regular basis, or, in other words, formative assessment of structural knowledge should be deeply integrated into the study process. However, administrative and teaching staff of higher educational institutions most likely does not have proper understanding of the abovementioned type of assessment as this issue is usually ignored both in the literature on pedagogy and assessment in general and in the literature on formative assessment in particular. This contribution presents a high-level conceptual model of formative assessment of structural knowledge that was developed taking into account requirements obtained from the theoretical research on structural knowledge and formative assessment and the author’s personal instructional experience. The model is not based on any particular assessment method. It specifies activities at the level of teacher-student interaction that should be implemented with an aim to support formative assessment of structural knowledge.