YOu can use Dan's suggestion, however I have a question. Does your peep rotate during the draw cycle? If it doesn't then you just need to twists the string so it faces stright back at rest. If it rotates some then you can twist the string so it rotates into position at full draw. Or you can remove or slide your serving away from the peep and moves strand from one side to the other to get it to align. Although you can use a loop for a fine-tune, so to speak, it's not the best way to control a peep.

What Dan said might be a bit confusing to you about the knots of the loop. What he means is that they should be tied so that the top and bottom knots should be tied so that the loop comes off the string on opposite sides, if viewed from the back. One left and one right.

Something else you might try is before tying on a new loop wax the serving. This reduces the friction between the loop and serving as you tighten the loop and lets it pull tighter.. And really tighten that loop. Use needle nose pliers to spread it. Something else is to, if possible, keep the loop as short as possible. The longer it is the more mass is there to make it swing around the string.

There's lots of little tricks. Some work better than others. Me? I keep it simple. I don't put a loop on in the first place. I shoot a rope release.