Despite his prolific scoring pace, he came in second for 1980 Rookie of the Year to Jeff Durgan of the New York Cosmos, a youth teammate of Peterson's at the Norpoint Royals. In 1981, Peterson experienced a sophomore slump, scoring only five goals in 21 games, but came back strong in 1982 to bag 19 goals in 38 games and take the 1982 North American Player of the Year honors.
Despite his prolific goal-scoring record, he came second to Jeff Durgan from the New York Cosmos for Rookie of the Year in 1980. In 1981, Peterson experienced a slump scoring only five goals in 21 games but improved significantly in 1982 with 19 goals in 38 matches and winning North American Player of the Year.