Eldredge played four years varsity at Severn (Md.) High School where he earned All-MSA honors twice and was chosen as the most valuable player in 1968. As a midfielder at the University of Virginia, Eldredge was a three-time All-American, earning first team honors in 1971 and 1972. He helped Virginia claim its first national title in any sport in 1972, along with Atlantic Coast Conference titles in 1969, 1970, and 1971. In 1972, Eldredge set a new single season scoring record at Virginia with 36 goals. He also established the career goal record at Virginia with 94 goals and 22 assists.
In 1972, Eldredge received the Ray Enners Memorial Award as the most valuable player in Division I. He represented Virginia in the 1972 North/South Collegiate All-Star game and received the Stranahan Award as the game's most valuable player, leading the South to an 18-14 victory. In 1971 and 1972, he was honored by the United States Naval Academy as the recipient of the Seth Trophy, awarded to the Naval Academy's outstanding opponent. Peter Eldredge passed away in July 2019 at the age of 69.