Peterson was born in Oakland, Burt County, Nebraska. He received his BA degree from Wayne State Teachers College and a master's degree in political science from the University of Nebraska in Lincoln.
Before World War II, Peterson worked as a teacher, school administrator, and newspaper man. During World War II, he served in the U.S. Army Air Force.
Peterson served as U.S. Ambassador to Denmark, 1957-1961 and to Finland, 1969-1973.
Peterson died October 17, 1983. He is interned at Oakdale Cemetery, Oakdale, Nebraska.
"Peterson, (Frederick) Val(demar Erastus)" in Current Biography 1949.
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