Milwaukee shot 38 percent, including a woeful 1 of 17 from beyond the arc.
Valparaiso (19-4, 6-2 Horizon) raced out to a 19-3 lead over the first seven minutes as Milwaukee made just 1 of 6 from the floor and turned it over four times. Another 11-point run made it 30-5 with 5:46 left and Valpo led 39-16 at the break.
It didn't get any better for the Panthers in the second half. They were able to cut the deficit to 20 on Matt Tiby's layup with 15:26 left, but that was as close as they got.
Peters was 10 of 14 from the field, David Skara went 4 of 5 for 14 points and Valpo shot 56 percent from the field and made 6 of 10 3-point attempts.
Tiby led Milwaukee (7-14, 2-5) with 15 points.