Vashil Fernandez had 11 points, seven boards and five blocks while Keith Carter chipped in seven points with seven assists. Valparaiso shot 46.9 percent from the field and out-rebounded the Lions 37-20.
Valparaiso (3-1) held a four-point lead midway through the first half, but Peters had three layups, a 3-pointer and a jumper to help move out to a 35-26 lead at half. A quick run to open the second half put Valparaiso up 46-26 after Tevonn Walker's 3-pointer.
The Lions were held to 17-of-45 shooting and got just six points from their bench. Marcel Mosley had 10 points for Arkansas-Pine Bluff (1-3).
Valparaiso's next game in the tournament will be against Maine on Sunday, while Arkansas-Pine Bluff will take on tournament-host Central Michigan afterwards.