This study examines the validity of score interpretations of a classroom-based oral reading fluency (ORF) assessment for 60 Korean high school EFL learners using an argument-based validation framework. Focusing on the evaluation and explanation inferences, the research integrated quantitative measures with qualitative analysis of rater verbal protocols. Quantitative analyses yielded excellent inter-rater reliability, while qualitative evidence confirmed that rater reasoning was predominantly rubric-referenced, demonstrating that raters prioritized multidimensional cues—specifically phrasing and pace—over impressionistic judgments. Regarding the explanation inference, prosody correlated more strongly with post-oral-reading comprehension than reading rate did, positioning expressive phrasing as a superior indicator of meaning construction in EFL reading. Furthermore, jagged profiles offered a nuanced way to diagnose reading difficulties such as the gap between decoding automaticity and prosodic performance. These findings demonstrate that incorporating prosody into ORF assessment provides valuable diagnostic insights, enabling a shift from product-oriented testing to processoriented formative assessment in EFL reading.