In the 1993 NHL Supplemental Draft, Peterson was chosen as the third overall selection by the Tampa Bay Lightning. Following the end of his college career, he was sent to the Atlanta Knights, the Lightning's affiliate in the minor league International Hockey League (IHL). With the Knights, Peterson had 28 points in 69 regular season games, but went scoreless in three playoff games. In 1996–97, Peterson spent most of his playing time with the American Hockey League's Adirondack Red Wings, for whom he scored 45 points in the regular season and four in the playoffs. During that season, he made his NHL debut with the Lightning, and scored two goals in 17 games. The 1997–98 season saw Peterson again split time between the NHL and minor league hockey; he tallied five goals in 19 games for the Lightning, and 20 goals and 39 assists for the IHL's Milwaukee Admirals. He played his final NHL games in the 1998–99 season, when he posted two goals and his only NHL assist in 20 games for the Lightning. In addition, he had 13 goals and 12 assists in 35 games for two IHL clubs.