The contemporary rendering of this name would seem to be Peibio, as in Garthbeibio, a parish in Montgomeryshire, or Ynys Beibio, near Holyhead.
It is likely that the current spelling of this name is Peibio, similar to Garthbeibio, which is a parish in Montgomeryshire, or Ynys Beibio, close to Holyhead.