I've made a couple peace signs and pretty much it boiled down to using boxchain woven around a metal hoop. That provided the mean for a perfect circle to remain a perfect circle. Then I used small segments of half persian (or byzantine in another) made of 20ga 1/8 rings connected at the center for the peace symbol lines.
EDIT: Heres a link to one in the M.A.I.L Gallery, not mine, but I based mine off of this one.
its on page 3 of the pendent gallery