Growing up in Lake Forest, Peter's hockey career began with the Winter Club Bantam Team that won the Illinois State Championship and compete in the National Tournament in Lake Placid, New York. He went on to play four years at the Berkshire School in Massachusetts, where he broke the school scoring record his junior year and captained the team his senior year.
After a year of Boston University, Peter returned to Lake Forest and enrolled at the College. As a junior, he led the team in goals with 24 and was second on the team in points (42). During his senior year, Peter was a First Team selection to the Third Annual Lake Forest College Tournament All-Star Team. That same season, he tallied 28 goals and 29 assists. Taylor concluded his career as the College's leading scorer with 136 total points. In 1973 Peter was named to the Western Division College All-America team.
Graduating in 1973 with a Bachelor of Arts in Politics, Peter began teaching and coaching hockey for the Lake Forest Recreation Department. He then held managerial positions with Raintree Publications in Milwaukee, WI, and with Rayovac in Madison, WI.
In 1994, his family, friends and former teammates established the Taylor Trophy as a fond tribute to Peter. It is awarded annually to the Lake Forest College hockey player whose outstanding talent, leadership and love for the game best exemplifies the qualities of the player for whom it honors.