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Interaction analysis in virtual and hybrid learning environments is a complex issue, since it is necessary to go beyond a quantitative approach (number of messages) and obtain information about interaction dynamics in the context of educational activities. This article presents a set of interaction analysis strategies, which were designed during the development of a doctoral thesis in response to the two challenges identified: First, how can interaction be observed? And second, how can interaction be related to academic performance? The strategies designed provide elements for the analysis of educational activities, of asynchronous on-line discussions, of interaction representation and of the relationship between interaction and academic performance. For the analysis of educational activities, elements of sociocultural activity theory were used. For asynchronous on-line discussions, a content analysis of discussion transcripts was performed using a group of categories reflecting the knowledge construction process. Interaction was represented using the forograma technique, which is an alternative strategy for evaluating on-line discussion forums. The relationship between interaction and academic performance was established by comparing interaction dynamics and the academic performance results of the groups selected. Finally, an example is given to show how the strategies are applied.