Almost, but not quite. True justice, not true peace. There will never be true peace until Christ's established Kingdom.
And that Kingdom, I reckon, will come from True Justice (the rod of iron).
Hmmm...the Kingdom of God/Heaven is here already - it's in a believers heart, within a person. That is true peace - peace with God by believing and obeying the Good News of Jesus the Christ.
True justice is not here, and it won't be accomplished until God's judgment on the final day. It's God's justice, and not of man's making!
But, I think I understand where you're coming from :-)