From October 2013 to July 2014 he was the Sporting Director of the Mexico national team, returning to América immediately following the FIFA World Cup in Brazil.

Peláez was part of the Mexico national team at the 1998 FIFA World Cup, scoring two goals in the tournament.

[5] Peláez was announced as Director of Football for Cruz Azul on 7 May 2018, replacing Eduardo de la Torre.

[6][7] In his first season with Cruz Azul, the team reached the Copa MX final, defeating Monterrey 2–0 to win the cup.

[8] Following much speculation, Peláez was announced as Guadalajara's new Director of Football beginning in the 2020 Clausura.

On October 11, 2022 Chivas terminated the contract of sporting director Ricardo Pelaez after a 5-4 loss on penalties to Puebla in the first round of the Liga MX playoffs.

Pelaez has also lent his voice alongside Enrique Bermúdez to be the Spanish language commentators for the FIFA videogames.