As a part of the Champions Tour Jacobsen won the U.S. Senior Open in 2004 and the Ford Senior Players Championship in 2005. His best finish in the Masters Tournament was 11th in 1981 while his best finish in the U.S. Open was 7th in 1984. He also finished 11th at The Open Championship in 1985 and 3rd in the PGA Championship in 1983 and 1986. Peter won the PGA Tour Comeback Player of the Year in 2003. He won the Old Tom Morris Award in 2012 and the Payne Stewart Award in 2013. He owns the event management company Peter Jacobsen Sports.