Both had full participation coming off their respective injuries. Peters suffered an Achilles tear last December and didn't play this preseason, while Southward suffered a concussion during the preseason.
Coach Mike Smith said Peters' status for Sunday remains under consideration. Smith wanted to evaluate Peters' performance in Wednesday's padded practice first.
"I think Corey, just from my live eye, I thought that he did some good things," Smith said. "I want to get in there and really watch the tape this afternoon and really get an opportunity to speak with Corey. Corey took a number of snaps today. It was his first really true practice. So it will be interesting to see how he feels. But to the live eye, he looked good."
For the Saints, safety Marcus Bell (hamstring) and running back Erik Long (ankle) did not participate in practice. Wide receiver Kenny Stills (quad) was limited.