Peer instruction has been popularized by Mazur. It can be quite a powerful method when used in the appropriate way. We believe that students who tutored and helped other students in study periods, or as a more formal tutor, have learned how powerful and how useful it is trying to teach someone else something. As a tutor you learned the material so much better yourself, it is often one-on-one, or in a small group which helps discussion and personal coaching, and you can use relevant language and examples to help the student you are instructing.
Peer instruction is complementary to think-pair-share in that the pairing portion can have a peer instruction component as each student tries to explain what they are thinking, suggesting. You can also do peer instruction without the full think-pair-share element. There is a grey zone here. In theory, peer instruction implies that one student knows more than the other student and can actually instruct. This may or may not be true in a think-pair-share situation.
Like all methods it requires “thinking it through”, and matching the method to the content, students, instructor. Peer instruction can occur in many formats and situations. For example, peer instruction can occur as part of assignments, team projects, labs, tutorials, primary lecture breakouts, and possibly even content delivery in a senior course.