Peacock theory is a term coined by a mPua (master pick-up artist) named Mystery. Basically the whole theory behind "peacocking" is to wear an article of clothing or accessory that stands out, quite like a peacocks feathers to attract attention.
I have further figured that to peacock can mean a lot of things. If you wear a pair off goggles on your head (like Mystery does), than that would be considered "peacocking". But for me, I tend to peacock by dying parts of my hair pink and wearing rings on my fingers. Anything can be a peacock, as long as it's a little unusual and it stands out.
Here's something that Asian guys have an advantage in: HAIR. Most Asian guys would be able to pull off any hairstyle they want (i.e. spiked up, faux-hawk, mohawk, bleached, etc.), whereas other races don't have the same luxury. Experiment with your hair and use it to your advantage! I've had people approach me constantly about how nice my hair is or how much they love it, and all i have is a faux-hawk with pink in parts of my hair!
I'll admit, it takes a certain amount of balls to pull off a successful peacock. In nature, a male peacock will show its feathers to a female peacock to attract attention; they do this and as a result that become susceptible to being slaughtered by a predator. This applies to the human social world as well, since when you attempt to "show your feathers", you will be susceptible to "attacks" from bitchy women or guys trying to alpha you.
Now if a guy (or girl) is trying to tool you by making fun of your peacock, here's a simple was of disarming them: IGNORE THEM. The only reason why they would want to tool you is because they're trying be have more "value" than you by invoking some sort of emotional reaction out of you. Be as unreactive as possible, that is the key to successfully negate them. Simply ignoring them will do the trick, but if you come up with something witty to say, than your gold.
Be creative. Based on my own personal experience, "peacocking" does work, as long as you make it part of who you are and be comfortable with it.
