P2P systems are envisioned to play a greater role in collaborative applications. P2P environments remove the challenging task of using servers for information sharing. Emerging collaborative P2P systems require discovery and utilization of multi-attribute, distributed and dynamic group of resources to achieve greater tasks beyond conventional file and processor cycle sharing. The process of selection of a peer for collaborative work therefore plays a significant role in accomplishing the task. Collaborative P2P systems use a group of diverse resources like hardware, software, services and data to accomplish the task or application. Hence, ranking of peers based on multiple heterogeneous attributes plays a significant role in enabling the selection of the right peers for collaboration.