The phrase "takes down peg" means to humble or degrade someone, to lower their status or bring them down a notch. Antonyms for this might include words such as elevate, honor, acclaim, or promote. These words all indicate a positive change in status or a lifting up of someone's position. For example, if a person is promoted to a higher position in their company, they are being elevated, rather than "taken down a peg." Similarly, if a person is honored or acclaimed for their achievements, their status is being elevated, not degraded. In general, antonyms for "takes down peg" imply a positive change, rather than a negative one.