Put on the latex gloves. Move a table outdoors unless you already have a patio table. Cover the table with a drop cloth or tarp to protect it. Wipe off the peg board with a lint-free cloth and place it on the table.
Open a can of primer. Spread a thin layer of primer over the peg board using a paint brush. Some people skip this step, but paint usually sticks better if a surface is primed first.
Allow the primer to dry completely. You’ll know it is dry when it no longer feels at all tacky. Now open a can of latex paint and stir it with a wooden stirrer.
Pour the latex paint into a paint tray until the holding compartment is filled. Dip your smooth (short knap) roller in the tray and roll the paint around to completely cover the roller.
Apply a thin layer of the paint to the peg board with the roller. According to Apartment Therapy, you should apply thin layers only to prevent too much paint seeping into the peg holes.
Allow the first layer to dry and then add one more layer. After this has dried, if any holes are partly covered with paint, just push a screw or thick nail into the hole to break up the paint (latex paint remains fairly pliable when it has only recently been applied).
Allow some time for the paint to cure before you add hooks and mount things on the pegboard. In humid weather, give it 24 hours--this way the paint shouldn’t rub off on other items.