In the mid-'70s, Peterson's designs dominated offshore racing events, with a string of high-profile IOR boats such as Ganbare, Gumboots, Imp, Eclipse, Yena, Rubin, Ragamuffin, and Moonshine.
He also designed several other stock racers such as the Contessa 35 and the NY 40. Peterson later entered the America's Cup circle as a key member of the winning '92 America3 and '95 Team New Zealand design teams. In 2000, Peterson designed the winning Louis Vuitton Cup boat for Prada. Looking to repeat, he again designed Prada's two boats for the 2003 America's Cup.