It was founded on 26 October 1990 in Kragujevac by Milomir Babić at which point it was called the Party of the Serbian Peasants Union.
Two splinter groups led by Radosav Drezgić from Dublje and Ljubomir Dodić from Milutovac ran in the 1997 election independently from Selaković's PPS.
[7] In the 2000 election the PPS was part of the Party of Serbian Unity list and won one seat, awarded to Živko Selaković.
Allegedly, he had been receiving threats from Party of Serbian Unity leaders Borislav Pelević and Dragan Marković Palma.
[11][12] On 8 October 2003, after a meeting with delegates from the Democratic Party headed by Gordana Čomić, Selaković stated that the PPS supported the government in "achieving its goals regarding reform".