In 2003, the Colleen Peterson Songwriting Award, an award for young emerging songwriters, was created in her memory. In 2004, her friend and songwriting partner Nancy Simmonds worked with several musicians to produce a new album, Postcards from California, from unreleased demos she had recorded with Peterson in the early 1990s.
A tribute to Colleen Peterson was created in 2003 with the establishment of the Colleen Peterson Songwriting Award for young songwriters. Two years later, her friend Nancy Simmonds teamed up with musicians to create an album, Postcards from California, using previously unreleased recordings from Peterson and herself made in the early 1990s.