Trends N-S, in the Brooks Range, Franklin Mountains, just S of and connected with Lake Schrader with its S end 3 mi WNW of Mount Chamberlin.
Named by E. De K. Leffingwell, for William John Peters (1863-1942), explorer, who led a U.S. Geological Survey party on a reconnaissance of northern Alaska in 1901. The lake was originally named Lake Schrader by Leffingwell (1919, p. 57) who wrote, "The upper lake, Lake Schrader, which is about 4 miles long and a mile wide, fills the whole valley floor so that the water washes the steep rock walls on each side. The mountains here are about 3,000 feet high." However, Leffingwell's map (pl. 1) shows the names transposed, and it is this application that influenced subsequent map and local use.