The pair will executive produce new CW drama Beauty and the Beast, which has Kreuk as the series lead.
The show is a loose update of the '80s CBS series of the same name, which starred Linda Hamilton and Ron Perlman.
In the new series, Kreuk - who starred on Smallville between 2001 and 2009 - will play tough NYPD detective Catherine, while Terra Nova's Jay Ryan has been cast as 'beast' Vincent Koslow.
Peterson and Souders will serve as co-showrunners alongside writers Sherri Cooper and Jennifer Levin, according to The Hollywood Reporter.
Following Smallville, the duo worked as consulting producers on The CW's The Secret Circle, which was axed in May following a single season.
Beauty and the Beast will air on Thursdays at 9/8c this fall, following new episodes of The Vampire Diaries.
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Watch a preview of Beauty and the Beast below: