The focus of this study was to investigate whether there is a position effect on identification accuracy of L2 consonants by Korean listeners and to examine how Korean listeners perceive the phonetic properties of initial and final consonants produced by a Korean learner of English and an English native speaker. Most studies examining L2 learners' perception of L2 sounds have focused on the segmental level but very few studies have examined the role of prosodic position in L2 learners' perception. In the present study, an identification test was conducted for English consonants /p, t, k, f, ɵ, s, ʃ/ in CVC prosodic structures. The results revealed that Korean listeners identified syllable-initial consonants more accurately than syllable-final consonants. The perceptual accuracy in syllable initial consonants may be attributable to the enhanced phonetic properties in the initial consonants. A significant correlation was found between error rates and F2 onset/offset for stops and fricatives, and between perceptual accuracy and RMS burst energy for stops. However, the identification error patterns were found to be different across consonant types and between the different language speakers. In the final position, Korean listeners had difficulty in identifying /p/, /f/, /ɵ/, and /s/ when they were produced by a Korean speaker and showed more errors in /p/, /t/, /f/, /ɵ/, and /s/ when they were spoken by an English native speaker. Comparing to the perception of English consonants spoken by a Korean speaker, greater error rates and diverse error patterns were found in the perception of consonants produced by an English native speaker. The present study provides the evidence that prosodic position plays a crucial role in the perception of L2 segments.