ADJECTIVE (2)

1. of or relating to perception;
- Example: "perceptive faculties"

2. having the ability to perceive or understand; keen in discernment;
- Example: "a perceptive eye"
- Example: "a perceptive observation"

The Collaborative International Dictionary of English v.0.48:

perceptive \per*cep"tive\ (p[~e]r*s[e^]p"t[i^]v), a. [Cf. F.
   perceptif.]
   1. Of or pertaining to the act or power of perceiving; having
      the faculty or power of perceiving; used in perception.
      "His perceptive and reflective faculties." --Motley.
      [1913 Webster]

   2. Possesing or exhibiting a high degree of understanding,
      insight, intuition, or analytical skill; as, he gave a
      perceptive analysis of the situation.
      [PJC]

WordNet (r) 3.0 (2006):

perceptive
    adj 1: of or relating to perception; "perceptive faculties"
    2: having the ability to perceive or understand; keen in
       discernment; "a perceptive eye"; "a perceptive observation"
       [ant: unperceiving, unperceptive]