Relations between Iran and Saudi Arabia, as two influential regional powers in West Asia, have oscillated between cycles of tension and détente over recent decades. This study aims to identify the most important geopolitical components affecting the formation of a peace discourse between the two countries, drawing on the views of Iranian academic and executive elites. Using a descriptive-survey design and a researcher-made online questionnaire, data were collected from 55 experts (academic faculty members and executive officials in diplomacy and policymaking) between October 2024 and January 2025. Findings indicate that respondents regarded "religious and ideological factors" (47.3%) as the most important factor shaping bilateral relations, while "regional rivalries" (M = 4.33 out of 5) were rated as the most influential driver of conflict formation. Regarding conflict-resolution mechanisms, "bilateral negotiation" was identified as both the best solution (69.1%) and the most useful mechanism (M = 4.02 out of 5), whereas the role of international organizations was rated as the least effective instrument. The reliability of the questionnaire's ordinal items, estimated via Cronbach's alpha across the 13 core items, was 0.726, indicating acceptable internal consistency. Overall, more than half of respondents (54.5%) considered the emergence of a peace discourse between the two countries "feasible," although they expressed reservations about its realization in the near future. These findings may provide an empirical basis for policymakers and international relations scholars in formulating regional de-escalation strategies.