Named after the River in British Columbia and Alberta, Canada.
Peace Vallis is an outflow channel in Gale Crater in the Aeolis quadrangle on the planet Mars; it appears to have been carved by fluids, perhaps water. Peace Vallis is near the landing site of the Curiosity rover which started studying the valley in 2012. The name, Peace Vallis, was officially adopted by the IAU on September 26, 2012. (wikipedia entry)
A vallis is a valley. On Mars large valles are named after words for Mars/star in various languages. Small valles are named after classical or modern names of rivers.