The peace-offerings (Hebrew, Shelamim) were performed in Israel as the consummation of all worship; that is, of drawing near to YHWH. According to J.H. Kurtz (Offerings, Sacrifices, and Worship in the Old Testament, p. 251), the name of this sacrifice was a thank offering (where we get the word Eucharist or thanks-giving), following both Luther and Josephus (Antiquities 3.3,1). The translation peace offering comes from the Septuagint (LXX) and Latin Vulgate, while saving-offering is sometimes used, based on a rarer rendering of the LXX, says Kurtz.
Kurtz says of the peace-offerings (or “near bringings”):
Shelem denotes a gift from one who needs favour to one who grants it, whether the favour has been already granted, or is merely being sought. The Shelamim therefore were gifts presented to God, through which a man acknowledged that what good he possesed he owed to the favor of God, and what good he needed he must seek from that favour.
J.H. Kurtz, Offerings, Sacrifices, and Worship in the Old Testament, p. 252.