Gaze (at) (4)
(Other definitions for peer that I've seen before include "Struggle to see; equal" , "Lord of the realm" , "Look closely at equal" , "Equal; nobleman" , "Look searchingly at lord?" .)
'gaze at' is the definition.
(I've seen this in another clue)
This is all the clue.
(Other definitions for eye that I've seen before include "1 across, 4 across, for example" , "Four [NEEDLEFUL] may pass through this" , "Needle or lace hole" , "Viewer" , "View" .)