Disagree-the whole point of the Ace's list is for the Dean to reward students who have great academic records. It's not some joint award from DF and AD-it's a DF specific award. If PE classes were run by DF or didn't already count into the PEA, it would make a little more sense. But why grade someone twice on the same thing?
In addition, cadets who go on exchange to another academy during their 2 degree year don't have to take PE classes at all, and their PEA is frozen for the semester. The Dean doesn't have a problem recognizing those students as Aces if they achieve all A's in their academic courses for that semester....