It confers nationally recognized honors on graduate and undergraduate students who earn a specified high level of quality in theatre study and production at over 30 selected, accredited colleges and universities.

Students become eligible after having successfully met a prescribed minimum of experience in directing, writing, acting in, or managing plays.

Theta Alpha Phi is the only national organization which honors graduate and undergraduate students for quality as well as quantity of work and study in theatre arts alone.

[2] The motto of Theta Alpha Phi is "The purpose of playing is [...] to hold, as 'twere, the mirror up to nature" (a reference to the "advice to the players" speech in Hamlet).

The gold badge of the fraternity displays prominently a form of the comedy and tragedy masks, long associated with the theatrical arts.

Theta Alpha Phi's magazine, The Cue, was established in 1922 and is oriented distinctly and solely to students of theatre in higher education.