Despite growing interest in AI adoption in higher education, limited research has examined how university students conceptualize the pedagogical meaning of AI beyond measures of attitudes and user satisfaction. This study explored how Korean university students conceptualized AI in English education through analysis of 40 reflective essays and 80 peer feedback comments collected across four instructional contexts. Qualitative thematic and constant comparative analysis identified four recurrent perspectives: AI as an efficiency tool, a source of risk or limitation, a catalyst for pedagogical reconfiguration, and a vision for future English education. While all perspectives appeared across contexts, their relative emphasis varied by instructional role. Students writing as learners focused on efficiency and risk; those considering policy stressed ethical guidelines; and those positioned as prospective teachers proposed practical classroom and materials design strategies. Peer feedback supported conceptual development by encouraging critical reflection and refinement of pedagogically actionable ideas. Overall, the findings suggest that students view AI not merely as a technical aid but as a pedagogical agent connected to autonomy, ethics, assessment, and teacher–learner dynamics, highlighting the need for instructional designs that foster AI literacy through guided reflection and peer feedback.