He won the 1994 Nobel Peace Prize jointly with prime minister Yitzhak Rabin and Palestinian leader Yasser Arafat for his role in negotiating the Oslo accords, which envisioned an independent Palestinian state.
1994.gadā Peress kopā ar premjerministru Ichaku Rabīnu un bijušo palestīniešu līderi Jāsiru Arafātu saņēma Nobela Miera prēmiju par ieguldījumu Tuvo Austrumu miera procesā.