Stencil (or make your own as I did with some contact paper)
I made a heart using contact paper so it would self-adhere to the board. I painted an area on the pegboard with a light mint color. Then, I placed the contact paper heart on top of the pegboard (after the first coat of paint has dried) and covered the whole board with white paint.
I also spray painted hooks in pastel hues for a color pop.