Title: Characterizing Graph C*-Correspondences To any directed graph E=(E^0,E^1,r,s) one can associate a certain C*-correspondence X_E called the graph correspondence. It has been observed that the Cuntz-Pimsner algebra O_{X_E} is isomorphic to the graph algebra C*(E). We shall obtain a characterization of the graph correspondence associated to a directed graph E. Namely, every nondegenerate C*-correspondence over a commutative C*-algebra with discrete spectrum is isomorphic to a graph correspondence. We will then describe a functor between the category G of directed graphs with vertex set V whose morphisms are injective graph morphisms and the category C_0 of nondegenerate C*-correspondences over c_0(V) whose morphisms will be morphisms of c_0(V)-correspondences. We will show that this functor has some but not all of the properties of being an equivalence of categories.