A simple answer to two important questions:
"Where does it go - Why isn't it there?"
Pegboard is great stuff. Smart craftsmen know that it gives us a wonderful spot to hang a lot of our important, most frequently used hand tools and machine accessories in plain view for ready access - without wasting a lot of floor or cabinet space.
Problem is, depending on how many tools we have in this hanging mode, we could forget which tool goes where once we're through using it. So, what's the answer?
Simple. Go to your local home center and purchase some self-adhesive contact paper. Just be sure its color contrasts with the color of the pegboard in your shop.
Lay the paper on your benchtop (don't peel the adhesive backing off, yet) and a tool on top of the paper. Trace around the tool, then use an artist's knife or pair of scissors to cut out a silhouette of the tool.
Once you've decided where each tool goes on your pegboard grid, peel the backing off your silhouettes and stick them into position.
An additional benefit: This approach will also alert you when a tool is missing - and tell you which tool it is ! Maybe you left it on-site, elsewhere in the house…or loaned it to someone. It makes a nice reminder.