Their last spell in the Premier League lasted just a season, but Peace believes the team are in good shape to cope with the stronger opponents.
"It will be a massive gulf to cross as it always is but we will be a bit better prepared than we were a few seasons ago," he told the Birmingham Mail.
"Getting back into the top flight has been a fantastic thing for us. It has been a really tough season and every game has been really competitive.
"It is a difficult division to get out of and we are just really pleased to be where we are now."
"I grew up following Albion in the 1960s and 1970s when we had great footballing sides and I think to have that culture here at the moment is great. As Tony (Mowbray) has said before it does equip us a bit better for the Premier League."