Peters was born in Winnipeg, Manitoba, the son of Audrey Catherine (née Clark) and economist and politician Douglas Peters. Peters and his father co-authored an article titled "Reforming Canada's Financial Services Sector: What Needs to Follow from Bill C8," that appeared in the December 2001 issue of the Canadian Public Policy journal. David Wilfrid Peters, Elias Antoine Raad and Joseph Sinkey authored the article titled "The Performance of Banks in Post-War Lebanon" that was published in the Summer 2004 issue of the International Journal of Business. He also authored an article titled "The Behavior of Government of Canada Real Return Bond Returns" that was published in the March 2007 issue of the International Review of Financial Analysis journal.