Peder Pedersen competed in three Olympics (1964-72) in the sprint, and won a gold medal in 1968 with the Danish pursuit team. He turned professional after the München Olympics and won the 1974 World Sprint Championships. At the amateur Worlds, he was runner-up in the sprint in 1970, and in the 1 km time trial in 1971. He also finished second in the pro sprint at the 1975 Worlds. Pedersen won 11 national titles, mostly in the sprint. In 1972 Pedersen carried the Danish flag at the Olympic Opening Ceremony.
Danish cycle and sports administrator Peder Pedersen became Denmark’s national coach from 1977-92. He was also board member of the Danish Cycling Union from 1977-90 and became its president from 1991-2005. From 1993-97 Pedersen served as a board member with the amateur section of the Union Cycliste Internationale. By profession he was a policeman and eventually became Chief of the Traffic Police at Fünen.