Romans 5 talks about the many blessings of salvation: peace, grace, hope being the ones initially mentioned.
Peace with God means that we are in harmony with Him; there is no longer enmity between us. We have found favour with God (Luke 2:14) and with that comes the peace of Christ (see John 14:27). Peace doesn’t necessarily guarantee peaceful circumstances (see John 16:33), but we can be at peace with our circumstances, even when they are painful or difficult, as Christ Himself demonstrated on the cross.
Peace is also one of the fruit of the Spirit (Gal 5:22) and is available through Christ. We are able, through faith, to stand in the grace of God, working with God but accepting His gift of grace, knowing that His peace is available to us at all times.
Later in the chapter, we looked at the three things we can rejoice or boast in: the hope of the glory of God (vs 2), in our sufferings (vs 3) and in God Himself (vs 11). The glory that God has prepared for us is almost more than we can imagine, but we have the hope of a glorified body (see 1 Cor 2:6-10 and 1 Cor 15:42) and the hope of being transformed into God’s image (see 2 Cor 3:18).
This hope of glory acts as an anchor, giving us perspective in our present sufferings. The suffering that God allows into our lives produces good things: perseverance, character and more hope!