Peters accused Mallard of dictatorial behaviour in line with a "banana republic".
The NZ First party leader said there was a difference between those who were on Parliamentary grounds taking an active part in the protest and those who were not.
"Remember the protesters asked me to come and speak with them - as they had asked every single current Member of Parliament who had refused to."
Peters outlined his views in a statement titled "Mallard's precinct decision loses the plot".
He said New Zealanders should not put up with such "totalitarian behaviour" and nor should the Prime Minister or Parliament.
"It is because of this that I have taken legal advice and will continue to do so," he added.
Act leader David Seymour has called Mallard "petulant" for the issuing of trespass notices.
He said it would inevitably end up in the courts - which would only add to the cost of the protests.
"It will be expensive, it will end up in court and it's petty and petulant and will get us nowhere."
National Party leader Christopher Luxon earlier today suggested more high-profile people might be trespassed after former National MP Matt King was ordered to stay away.
King was trespassed from Parliament grounds after speaking at the Wellington protest earlier this year.
Other high-profile personalities who were at the protest included politician Marama Fox and singer Jason Kerrison.
Luxon today said trespass orders were a matter for Mallard.
"Matt King is no longer a member of the National Party. Obviously, the decision is one of the Speaker, I imagine in conjunction with the police," Luxon said.
"Obviously there were a number of high-profile politicians and personalities there that were identifiable," he added.
"And I'm sure the Speaker's working his way through ... treating everybody equally."
Prime Minister Jacinda Ardern said Mallard managed the grounds on behalf of all MPs and political parties.
"That is entirely a matter for the Speaker," she said today when asked about King's trespass notice.
There was some confusion about whether broadcaster Sean Plunket was also trespassed, but Plunket today confirmed to Newstalk ZB he was not.
The Speaker would not comment on Peters, or on the general issue of trespassing, citing ongoing police investigations.
