Ontology is a knowledge representation technique which aims to make knowledge explicit by defining the core concepts and their relationships. The Structural Equation Modeling (SEM) is a statistical technique which aims to explore the core factors from empirical data and estimates the relationship between these factors. This article presents an application of Structural Equation Modeling to construct a lightweight ontology of good teaching characteristics. The principal factors from SEM are used as concepts of the proposed ontology. The OAsys approach is used as an ontology development process. The proposed ontology consists of three levels: super-class level consists of 6 components of teaching; the first-level sub-class consists of 12 latent factors from SEM; and the second-level sub-class consists of 66 classes of questionnaire items. The experimental result indicated that the proposed ontology which constructs from the core factors of SEM is well-structured, free from a node with multiple parent classes. There is no cycles loop between sub-classes. Having well-balanced of ratio between parent classes and sub-classes. The structure of this proposed ontology corresponds to the principle of conceptual balance.