The Kalorama Peace Memorial has high local significance as a highly valued community memorial, and as an example of the many memorials erected throughout the Dandenongs after the First World War.

The Peace Memorial is located in Ellis Jeeves Reserve at the Five Ways, an important "landmark" location in the Dandenongs. The Ellis Jeeves Reserve is a small area of bushland. The memorial is a large block of granite (approx 1.65 m high) set on a rectangular plinth. A bronze plaque with a dove and olive branch at the top and wreath below records that it commemorates the "peace of 1919". Douglas Richardson is recorded on the memorial as its designer.

Next to the Peace Memorial is a small drinking fountain erected by Rotary Club of Lilydale in 1974.

Physical Conditions: Good

Integrity: Intact