Peekaf is the main character in a children's story named "Peekaf the Outcast", about a red-eyed, pointy-eared boy who runs away from his village in search of his true family.
Due to his elfin appearance, Peekaf is bullied by his fellow village children and saddled with doubts as to whether his parents are truly his. His feeling of alienation propels him to run away in search of his true family. However, Peekaf's story ends with him realizing his true family is the very one he left behind, rendering him perpetually depressed.
Guts hears the elf apostle Rosine insult Puck by referring to him as "Peekaf", and later inquires of Jill the meaning of the word. Jill then recites the tale of "Peekaf the Outcast" to the swordsman:
"Long ago in a village, there was a boy named Peekaf with pointed ears and red eyes. His parents loved him very much. But he was always bullied by the village children because of his eyes and ears. They called him 'Red-Eyed Peekaf' and 'Pointy-Eared Peekaf.' Peekaf thought: 'This isn't my home. These people aren't my real parents...'
Because neither Peekaf's father nor mother, nor even one person in the whole village had red eyes or pointed ears the way he did. One night, Peekaf snuck out of his house without his parents knowing. He went to find his own real parents and his own real world in which to live. He made his way alone into the forest where elves were said to live, where grown-ups said never to go. And Peekaf found them. They had red eyes and pointed ears. Certainly they were the same as him. But this is what they said to the overjoyed Peekaf: 'You're one of us? No, not true... you haven't wings to ride upon the wind like we do.'
Seeing Peekaf's confusion, one of them informed him of something: 'Long ago, a human man and woman brought a baby here who was close to death from illness.' 'We have broken the law of our village and entered this forest to save this child. This child is our life. Please, somehow, save him,' the man and woman pleaded desperately. They granted the request, using magic on the baby. The baby's life was saved, but in exchange his appearance was altered to half resemble the elves. Even so, the man and woman cried tears of joy. It only mattered that their child lived...
When Peekaf heard this, he ran off in great haste. With tears in his eyes, he went swiftly back the way he'd come. But when Peekaf returned to his house, it was all too late. For some strange reason, even though he'd only been in the forest for a few moments, in the village a hundred years had passed. On top of a small hill between the village, where he no longer knew a single person, and the elf forest, where no human was allowed to live... Peekaf the Outcast cried and cried, his red eyes swollen even redder."
- Rosine loves the tale of Peekaf the Outcast, and compares herself to the titular character, stating that "[she's] just like Peekaf. [She] really belongs in [the elves'] land, too."
- According to Rosine, in the real story, Peekaf was an elf child who lived happily ever after with his real mother and father in the land of elves.
- Before her death, however, Rosine confesses that she lost faith in the tale after running away and not finding any elves in the Misty Valley. After waiting alone for days, she came to the conclusion that "Peekaf and the elves of the Misty Valley were just fairy tales that some lonely child made up."
- Rosine and her spawn use the name "Peekaf" as a derogatory term towards elves who choose to talk with humans alone. Hence, she refers to Puck only as Peekaf.