On a gloomy Saturday afternoon, both teams took the pitch, in a scrappy first half Josh Kelly’s lucky "shot" gave the away team the lead at half time.
In the second half Old Boys came out fired up and after a second yellow card was awarded to peel player Alex Holden, a free kick was awarded and captain Martin King slotted home from it.
Both teams couldn't be separated after 90 minutes and the game headed into extra time, another 30 minutes passed and neither team could find the net, so down to spot kicks it went.
Peel took an early 0-2 lead in the shoot out but Old Boys dug in an levelled it, All square after five penalties, Nick Bass stepped up and calmly slotted home the winning penalty for the home team.
The win secures a Railway Cup Final place against St Georges AFC, who beat Ramsey AFC 8-0 in the other semi final.