Deserving of praise (or a peerage?) (8)
I believe the answer is:
laudable
'deserving' is the definition.
(thesaurus)
'praise or a peerage?' is the wordplay.
I cannot really understand how this works, but
'praise' could be 'laud' (lauding is a kind of praising) and 'laud' is located in the answer.
'a' is within the answer.
This explanation may well be incorrect...
'of' acts as a link.
Can you help me to learn more?
(Other definitions for laudable that I've seen before include "Excellent" , "Praiseworthy, commendable" , "Meritorious" , "Good enough to praise" , "Worthy of high praise" .)