Peak reduction is a common step used in audio playback chains to increase the loudness of a sound. The distortion introduced by a conventional nonlinear compressor can be avoided with the use of an allpass filter, which provides peak reduction by acting on the signal phase. This way, the signal energy around a waveform peak can be smeared while maintaining the total energy of the signal. In this paper, a new technique for linear peak amplitude reduction is proposed based on a Schroeder allpass filter, whose delay line and gain parameters are synced to match peaks of the signal’s autocorrelation function. The proposed method is compared with a previous search method and is shown to be often superior. An evaluation conducted over a variety of test signals indicates that the achieved peak reduction spans from 0 to 5 dB depending on the input waveform. The proposed method is widely applicable to real-time sound reproduction with a minimal computational processing budget.