The equation XA-BX = I has been well studied in ring theory, operator theory, linear algebra, and other branches of mathematics. In this paper, we show that, in the case where B2 = B, the study of XA - BX = I in a noncommutative ring R leads to several new ways to view and to work with the exchange (or "suitable") elements in R in the sense of Nicholson. For any exchange element A ∊ R, we show that the set of idempotents E ∊ R such that E ∊ RA and I - E ∊ R(I - A) is naturally parametrized by the roots of a certain left-right symmetric "exchange polynomial" associated with A. From the new viewpoints on exchange elements developed in this paper, the classes of clean and strongly clean elements in rings can also be better understood. [ABSTRACT FROM AUTHOR]