The park is named for Elizabeth (Lisa) Link, an activist who passed away in 1982. Link was instrumental in reviving the Madison chapter of the Women's International League for Peace and Freedom. The park intends to honor how Link promoted Madison's pacifist and non-interventionist traditions with her activism.
In 2010, Peace Park had a $1.1 million renovation which included a Peace Pole, a performance area, a small water spray fountain for summer months and chess boards. An adjacent visitor center with bathrooms is run by the Downtown Business Improvement District. Peace Park is easily accessible from State Street and Gilman Street where street parking is available. A new B-cycle station is also on-site making Peace Park a good place to take a break from a nice bike ride.