Peters has been an assistant coach for the Detroit Red Wings the past three seasons.
"I'll take the culture of winning in Detroit with me," Peters told the Detroit Free Press. "Our players are everyday-ers, and that's going to be our challenge in Carolina, to win every game. Our expectations are going to be high, we're going to improve our work ethic across the board, and that will allow us to have more success."
Peters spent three seasons coaching Rockford of the American Hockey League and three with Spokane of the Western Hockey League before joining the Red Wings.
The 48-year-old won the Memorial Cup with Spokane in 2008. He spent parts of four seasons with Spokane as an assistant to Red Wings coach Mike Babcock.
"Mike and I have known each other for 26 years," Peters told the newspaper. "The coaching group, it's a fraternity. … I've enjoyed my three years here in Detroit and I'm looking forward to getting started in Carolina."
Peters said he also interviewed with the Florida Panthers for their coaching vacancy.
"We're real happy for Bill; he's worked real hard," Red Wings general manager Ken Holland told The Detroit News. "He has a lot of passion for coaching. Working the last few seasons with Mike Babcock has helped in Bill's development as a coach, and that experience should help him into the future."
In Carolina, Peters is replacing Kirk Muller, who was fired after parts of three seasons that did not have a Stanley Cup Playoff appearance. Peters will be formally introduced Friday.
"There's lots of work ahead of us," Peters told the Free Press. "It's an exciting time. I'm going to get into the inner workings of the organization, start calling some players and building relationships."
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