Etter de ulovlige bispevielsene i SSPX i juni 1988, ble Peters-broderskapet opprettet av pave Johannes Paul II 18. oktober 1998. Opprettelsesdokumentene kan man lese på FSSPs nettsider på denne siden.
De skriver selv om sitt arbeid:
The Fraternity was founded on July 18, 1988 at the Abbey of Hauterive (Switzerland) by a dozen priests and a score of seminarians. Shortly after the Fraternity’s foundation and following upon a request by Cardinal Ratzinger, Bishop Joseph Stimpfle of Augsburg, Germany granted the Fraternity a home in Wigratzbad, a Marian shrine in Bavaria that now lodges the Fraternity’s European seminary. In the same month of October there arrived a handful of priests and some thirty seminarians ready to start «from scratch». There are currently almost 200 priests and 110 seminarians in the Fraternity.