The Word of God must be first and foremost, central in our hearts and in our lives. The Word of God is the foundation for our faith and without faith it is impossible to please God. The Word of God is to be the beginning point for our instruction and for our teaching. The Word of God is to be the foundation of our worship, as we "sing with grace in our hearts unto the Lord."
The Word of God is to be central in our prayer time as well. Anytime we see the phrase, "in our hearts" we can associate that with prayer because prayer is the means whereby we are drawn closer to the Word and the Lord of the Word.
Paul goes on to say, "17And whatever you do in word or deed, do all in the name of the Lord Jesus, giving thanks to God the Father through Him." This involves prayer. Prayer helps us stay the coarse that God has set for us. Prayer helps us put feet to our prayers. Prayer helps keep us firmly planted on the solid rock. This security that comes by walking in Christ is what gives us real peace in our hearts.
When we have peace with God; when we are walking in the nurture and admonition of the Lord, we are in the best possible place that we can be in at that very moment in our lives. That my friend, is what it means to have peace with God and that is how we experience the peace of God!