The suspension stems from a cross check to the head of St. Louis' David Backes late in the third period of a 4-0 loss on Saturday.
Backes left the ice after the hit and did not play for the rest of the game, but did appear in St. Louis' game against Chicago on Sunday.
Peters was issued a major penalty for cross-checking and a game misconduct.
He sat out Sunday's game against Boston as the Wild recalled forward Chad Rau from Houston of the American Hockey League to take the roster spot.
Over 36 games this season, Peters has posted a goal and four assists with 37 penalty minutes.