Peter Elliot Rae AO (born 24 September 1932, Launceston, Tasmania) is an Australian retired politician who represented the Liberal Party for the state of Tasmania in the Australian Senate. He served as a Senator from 1967 until his resignation in January 1986. He was subsequently elected to the division of Bass in the Tasmanian House of Assembly at the February 1986 election, serving until his defeat on 13 May 1989. Rae served as a Shadow Minister with portfolios that included Industry and Commerce, Finance, and Education and Science.