Commentaries:
Biblical commentators have given this offering a variety of titles. "Peace," "fellowship," "praise," and "thanksgiving" are the most common. However, the Keil-Delitzsch Commentary states that the most correct is "saving offering" (vol. 1, p. 298). Each title shows a somewhat different aspect of the teaching contained in it. Verse 5 informs us that this too is a sweet-savor offering, indicating that no sin is involved in it, and thus it is most satisfying to God. The word "satisfying" is important to understanding this offering.
Verse 5 also shows us an aspect of the ritual that teaches us about this offering's purpose. It is burnt upon, that is, on top of, the burnt sacrifice, which in turn had the meal offering on top of it. They were not necessarily layered like a sandwich and then all burned at the same time. However, the daily burnt offering was always made first, and it was followed by the meal offering and the peace offering on the same fire (Keil-Delitzsch, vol. 1, p. 300).
The peace offering, then, had to be offered after the other two were already burning. How long after is lost to history, but it could not have been a long time if the same fire was used.
John W. Ritenbaugh
The Offerings of Leviticus (Part Four): The Peace Offering
The Aaronic priests were purified for service to God through the transferal of their sins to a bull. Similarly, when an Israelite presented a peace or a sin offering, he laid his hands upon the animal being offered, identifying himself with it and transferring his guilt to the animal. Thus, the animal was set apart by God through the laying on of hands.
Martin G. Collins
Basic Doctrines: The Laying On of Hands