Lively research on self-regulated learning has produced a great number of models of self-regulated learning competence and it is still a challenge to integrate them within a single coherent framework. However, such a framework is necessary for, among other reasons, the development of valid assessment methods. We argue that one common characteristic of all models is that they consider the competence to make solid comparisons as a key competence of self-regulated learning. However, the kind of comparisons and the kind of standards used for these comparisons differ between models. The same is true for assessment methods. Valid assessment methods also have implemented comparisons and they also differ concerning the kind of comparison and the kind of standards used for assessment. In order to categorize both, models as well as assessment methods, we propose to distinguish between component models and process models of self-regulated learning. Component models imply the use of offline standards for assessment whereas process models imply the use of online standards. Both offline and online standards can be either quantitative or qualitative. We show that using qualitative standards leads to a higher validity of the assessment than using quantitative standards. This advantage of qualitative standards can be shown for both offline standards as well as online standards.