Green’s Dictionary of Slang

p.e.e.p. n.

[abbr. perfectly elegant eating pussy n. (1)]

the vagina; thus ext. as a very attractive woman.

[US]Maledicta 1 (Summer) 17: If she is just right, she’s got an ass you could plant a flag on, or a cunt you could eat with a spoon: she is P. E. E. P. (Perfectly Elegant Eatin’ Pussy).