Due to deepened marketing orientation of modern universities the role of branding in the field is constantly growing. In the higher education settings, developing a consistent, attractive and meaningful brand is crucial for maintaining a competitive advantage in the international marketplace in the agenda of commoditization of educational services. Brand equity in higher education – as brand value determined by students’ experiences and perceptions – is related to the university’s superiority in quality and reliability (i.e. first-class academic reputation). The aim of the paper was to assess different brand equity-related factors within the Customer-Based Brand Equity (CBBE) model as perceived by students. The research methods included analysis of theoretical sources and research papers, as well as a survey administered at Riga Technical University and Transport and Telecommunication Institute (University of Applied Sciences). A questionnaire based on the multi-dimensional Customer-Based Brand Equity model was developed. Structural equation modelling was used for performing confirmatory factor analysis of relationships between different brand equity-related factors. The results of the study indicate that the Performance factor has the highest loading for students, being of primary importance for the development of brand equity by creating positive brand associations and increasing the perceived value. The results of the research would contribute to better understanding of brand equity in higher education settings, which is important for improving the competitive position of a university brand.