The objectives of this study were to hydrolyze whey proteins using a pancreatin and an Aspergillus oryzae protease; to evaluate the degree of hydrolysis (DH) and the peptide profile; and to establish the correlations among the analytical methods. Ten hydrolysates were prepared at different reaction times and the highest DH was obtained by the protein content method. Good correlations (r > 0.87) between the methods of formaldehyde and orthophthalaldehyde (OPA), formaldehyde and osmometry as well as osmometry and OPA were observed using pancreatin. Similar results were obtained between OPA and soluble protein content for the A. oryzae protease. The action of pancreatin produced the highest contents of di- and tripeptides (9.07, 7.12 and 6.46%) and the lowest of large peptides (42.43, 41.33 and 41.13%), after 3, 4 and 5 h of hydrolysis, respectively. Using pancreatin, the DH measured by formol titration and OPA was positively correlated with medium peptide content and negatively correlated with large peptide content. For the A. oryzae protease, a strong negative correlation was observed between the large peptide content and the DH measured by the OPA method.