The left-handed pitcher appeared in 147 games during all or part of eight seasons in Major League Baseball (1944, 1947–53) for the Cincinnati Reds and Philadelphia Phillies.

Peterson signed with Cincinnati in 1944 and worked in one MLB game for the Reds that season, hurling a scoreless inning against the future World Series champion St. Louis Cardinals and retiring the Redbirds in order on July 15.

[1] He then entered the United States Army and performed World War II military service,[2] missing the full seasons of 1945–46.

In 1950, the Reds sent Peterson him to the minor leagues for the first time in his pro career, and he posted a winning record for Triple-A Syracuse.

He split time between Cincinnati and the minors in 1950 and 1951, then was traded with outfielder Johnny Wyrostek to the Phillies for right-handed pitcher Bubba Church in May 1952.