Isn't it "peace of mind my Daddy never had?" That's what it's always sounded like to me.
BTW, I am by no means a fan of Elton John, but song lyrics are notoriously easy to mishear and all those "lyrics" sites get them wrong most of the time.
‘Scuse me while I kiss this guy.
All I did was copy the lyrics from the site. However, it is the other parts of the song that are more obvious.