We explore the use of Large Language Models (LLMs) for automated assessment of open-text student reflections and prediction of academic performance. Traditional methods for evaluating reflections are time-consuming and may not scale effectively in educational settings. In this work, we employ LLMs to transform student reflections into quantitative scores using two assessment strategies (single-agent and multi-agent) and two prompting techniques (zero-shot and few-shot). Our experiments, conducted on a dataset of 5,278 reflections from 377 students over three academic terms, demonstrate that the single-agent with few-shot strategy achieves the highest match rate with human evaluations. Furthermore, models utilizing LLM-assessed reflection scores outperform baselines in both at-risk student identification and grade prediction tasks. These findings suggest that LLMs can effectively automate reflection assessment, reduce educators' workload, and enable timely support for students who may need additional assistance. Our work emphasizes the potential of integrating advanced generative AI technologies into educational practices to enhance student engagement and academic success.