Peace has a manual which extensively describes its features. It's available by Help buttons on the interface or as a downloadable file here.
The full interface of Peace has 3 main parts involving its equalizer
1 Pre amplifying (volume) and gains with sliders and input fields
2 Equalizer changing buttons and channel/speaker selection list
3 Equalizer configurations list (filter audio presets)
and the effects panel has lots of effects such as bass and treble, up- and downmix, crossfeeding, channels rerouting and balancing
Immediate audio changes
If Peace and Equalizer APO is installed correctly you will hear an immediate change in the audio when you move a slider or entered a value and tabbed to a different field.
Selecting an equalizer configuration (a.k.a. preset, eq, profile)
By clicking on a configuration in the left below list you will also hear an immediate change. The equalizer is set to the chosen configuration. Changing a configuration to match your audio preference or speakers and headphones is easy. Just play around with the sliders and values. When you're finished click the save button to add your configuration to the list. One note: You can't save a configuration to a different folder then the config folder (where Peace is located). If you do, you won't see it appearing in the list.
On the Files page of this Peace website you'll find a folder with predefined configurations including ones made by people for specific speakers, headphones and mics.
Quick configuration selection
By attaching a hotkey to a configuration it can be selected even quicker than by mouse movement/clicking. You can also select a configuration by using the Peace tray icon menu.
Selecting a device for your configuration
By default your equalization is done on all audio devices but it can be done on only one. Just select a device from the dropdown devices list at the right. The selected device is saved together with your configuration by clicking the save button. When using a microphone you better select this microphone else you end up equalizing twice: one on the microphone and one on the speakers.
Having more than 1 configuration active
On the main Peace screen 1 configuration can be loaded and changed in real time. To have other configurations also active at the same time you put them in the "Always active" list which is on the first tab of the Automation window (which is opened by clicking on the robot like button near the list of configurations).
Increasing/decreasing number sliders
A configuration can have up to 31 sliders. All with their own frequencies, gain and q values. If you want more or less sliders use the + or - button.
General equalization and channel/speaker equalizations
To make a general equalization for all channels/speakers, select 'all' in the targets list (at the right). If you select a specific channel/speaker in list you can make an equalization for this channel/speaker. For instance a 5.1 audio setup can be finetuned for low and high frequencies per speaker. Note that the low frequencies are best set on all targets (all channels/speakers) and not specifically on the subwoofer. According to Jonas Thedering, creator of the Equalizer APO, there are some restriction on the use of low frequencies (which you can read on his wiki). I guess, it takes some experimenting to figure out what works well for your audio setup.
A different use of the channel/speaker feature of Peace is for the hearing impaired. For left and right the pre amplifying (volume) and equalization can be set to match your hearing impairment. Also you can 'spruce up' your headphones. I use Peace to get a better sound out of my Bluetooth headphones. Without a bass and high frequencies boost my headphones sound terrible.
Audio effects
Under the Effects button you'll find the Peace effects panel. Effects like crossfeeding, upmixing or downmixing can be done on this panel. These settings is part of your configuration (preset). A configuration exists of equalizations per speakers/combi, effects and additional Equalizer APO commands.
Go beyond the Peace Equalizer
Under the command button you have an Equalizer APO command window in which your can enter commands specific to your current equalizer configuration. These commands are stored together with your configuration when you use the save function of Peace.
Exit Peace, your equalization and effects remain
After you have set the equalizer you can exit Peace. Your equalization and effects will remain and this includes the ones in the "Always active" list. Just start Peace if you want to change something. Note that the mute feature (speaker icon at the pre amp field) isn't the same as the general Windows mute feature. You have to start Peace to unmute the sound if you have muted it.
On/Off switch and sound shaping
The equalizer can be switch on and off, so you can check what you have equalized. And the equalization can also be changed using the buttons on the right (expanding, compressing, etc.) in order to shape the sound.
Settings
Clicking the Settings button gives you a window in which you can set some default values you prefer and can make changes to the userinterface.