After starting from eighth position, Reutemann worked his way up the field and took the lead on lap 60, eventually winning by 1.2 seconds from Austrian driver Niki Lauda in the Brabham-Alfa Romeo.
Jody Scheckter in the Wolf and Niki Lauda in the Brabham made up the second row, while on the third were Riccardo Patrese in the Arrows and Alan Jones in the Williams.
The top ten was completed by Jacques Laffite in the Ligier, Carlos Reutemann in the Ferrari, John Watson in the second Brabham and Patrick Depailler in the Tyrrell.
The Lotuses quickly pulled out a large gap, and looked set to dominate, until Peterson retired on lap 7 with a fuel leak.
Watson finished 36 seconds behind Lauda and 36 ahead of Depailler, while a suspension failure for Rosberg on lap 60 meant that the final points went to Hans-Joachim Stuck in the Shadow and Patrick Tambay in the McLaren.