Hundreds are attending the public service at St Paul's Cathedral on Friday to farewell the former Liberal leader, 10 months after his death at age 82.
Dubbed the "colt from Kooyong", Mr Peacock served in federal parliament for more than 28 years and was a minister in the Gorton, McMahon and Fraser governments.
Prime Minister Scott Morrison, former Victorian Premier Jeff Kennett and Treasurer Josh Frydenberg are among a number of prominent Liberals in attendance.
Mr Morrison remembered Mr Peacock as a man "of soaring achievement, tempered at times by disappointment".
"He had a sense of gravity that drew us towards him. It says something of the friendships that surrounded Andrew that we're all willing to wait patiently, some 10 months to farewell him," he said.
He said Mr Peacock was the first in a new generation of Liberals, as he was elected into a party without its founder Sir Robert Menzies.
"He dominated the landscape. The most influential opposition leader not have never become prime minister," Mr Morrison said.
"On behalf of a grateful nation, I offer thanks for Andrew's life and his service."
As leader of the Liberal Party, he was defeated by Bob Hawke in the 1984 and 1990 elections. He died in April 2021 at his home in the US.
Mr Peacock's chief Liberal Party rival John Howard was unable to attend, but said he had long ago "buried the hatchet" with him.
After leaving parliament in 1994, Peacock served as Australia's ambassador to the United States from 1997 to 1999.
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