This study aims to collect relevant data regarding the experience of students who attended a postgraduate course in e-learning. The study explores the relationship between e-learning students expectations and their level of satisfaction in a Master degree program developed in 2010-2012. The purpose of the research is to know the reasons behind students choice for an e-learning course, as well as characterize the levels of students satisfaction in the e-learning post-graduate program, taking into account specific dimensions of the courses which were considered as benchmarks for the quality of this type of online learning initiative, as well as the levels of satisfaction towards each specific indicator identified in each dimension. It was also an aim of this study to understand how these dimensions relate to one another. Assuming a quantitative methodology of data collection and analysis, the study was based on student responses to two questionnaires applied at the beginning and at the end of the course. Both constructs, expectations and satisfaction, were analyzed from a multidimensional perspective and nine dimensions were considered: course design; coordination; faculty and tutors; curricular program; resources; learning methodologies; evaluation system; support services and technological infrastructures. The results of this study suggest that online students present relatively high levels of satisfaction, which points towards a positive learning experience. It is possible to note that there is a correlation between the different dimensions studied, consequently leading to different improvement strategies. Ultimately, this investigation aims to contribute to the promotion of quality and the success of e-learning initiatives in Higher Education.