arguing about who counters peach is not the issue in question here. we're discussing approaches.
i've got quite a lot of peach experience here in norcal, and peach is a character of very, VERY high pressure. she's a cute and thin girl lol, so her wd (no matter how short it is) and dashes could allow for a lot of great spacing and punishing approaches with priority. if she's the one who approaches you, she's much like marth and fox with the way she could punish you even when attacking your shield. with dairs, turnips, dsmashes, and lots of other high-priority approaches, she really should deserve her own tier.
how to approach her? since her defensive side can be slightly weak due to how much she can be comboed, lots of peaches will be quite cautious when getting approached. she's fast, but not fast enough to be completely aggressive all the time. it's foolish to rush into her because she can punish any approach with any smash, or other spacing tactics.
attempt to confuse her with movement to make her mess up. if you can use a shield-safe aerial, do so. it'll pressure her back. capitalize on any mistakes (like mistimed rolls, dodges, whiffed moves, etc.) IMO, there is no true counter pick for her, only even matchups. it depends on the player's style. some are great anti-fast fallers, some are great anti-floaties, some are very balanced. figure out her style and flaws and you're set.
the top 5 characters (fox falco sheik marth peach), IMO, have no true counter picks. (except for maybe ice climbers vs sheik/falco ^_^)