- IUB Athletics Hall of Fame (1995)
- Z.G. Clevenger Award (1992)
Peters won track letters in 1947, 1948, 1949 and 1950. He was co-captain of the 1950 Big Ten Championship Team and one of the all-time great sprinters at IU, Peters won seven Big Ten titles during his career, including both the 100 and 220-yard dashes in 1948, 1949 and 1950, and earned All-America honors from 1948-1950. Charles was Big Ten Champion in 60-yard dash in 1948 and in 1950 tied the American record. He was a finalist for the Sullivan Award and owned every IU sprint record at the conclusion of his career. Mark of :20.6 in the 200-meter dash stood for 35 years until it was broken in 1984. He is a Balfour Award winner in 1948, 1949 and 1950, and also a Clevenger Award recipient in 1992.