A member of the Republican Party, he served as the North Dakota State Auditor from 1973 to 1996.
His son, Robert R. Peterson, was his successor as State Auditor; he began serving in 1997.
He was a graduate of Williston High School (1947), Concordia College, and the University of North Dakota with a master's degree in business administration.
In 1963, Bob coached the Williston High School boys' basketball team to a North Dakota state championship.
He did not seek re-election to the position in 1996, and his son ran for and won the open seat.