Transitioning from traditional teaching to self-regulated learning (SRL) necessitates supporting 21st-century teachers by developing their self-regulated teaching (SRT) skills. This study explores teachers' and students' SRL. Our goal was to identify gaps and similarities between teachers' and students' SRL in the context of school and professional development programs. The research tool included the Teachers-Students Questionnaire for Self-Regulated Learning (T-SQsrl) alongside reflection for formative assessment and data collection. We culturally and professionally tailored a teacher version to enable self-assessment, emphasizing the reflection skill, while the student version was designed to map SRL for learning intervention and adaptations. Validation was done with 154 teachers and 208 students, employing factor analysis. The teacher version comprises 31 closed-ended items and an open-ended reflective question, while the student version features 15 closed-ended items. Both versions encompass SRL sub-processes, such as goal-setting, task-strategy, self-efficacy, help-seeking, elaboration, and reflection. Findings showed that teachers' SRL emphasized self-efficacy and task-strategy skills with lower levels of goal-setting and help-seeking skills. The students presented a lower level of future-oriented reflection, yet their help-seeking skill emerged as a strength. Methodologically, we developed an effective tool for assessing teachers' SRL with an emphasis on reflection along with assessing their students' SRL.