Col 3:15 And let the peace of Christ arbitrate in your hearts, to which also you were called in one Body; and be thankful. Eph 2:15 ...that He might create the two in Himself into one new man, so making peace.
We need to understand this matter of the peace of Christ in relation to the background of the Epistle to the Colossians. Various aspects of culture had come into the church life. Certain Jewish believers were in favor of observing the Sabbath day.
They also advocated regulations concerning eating. No doubt the believers with a Greek background did not appreciate these things. However, they in turn brought in the kind of philosophy they favored.
To be sure, the Jewish believers did not receive this. As a result, there was a loss of the peace of Christ in their experience. Instead of the peace of Christ prevailing, the Greek philosophical concepts and the Judaistic practices were prevailing among the believers.
Hence, in Colossae there were at least two parties: the philosophical party and the Judaistic party. Therefore, an arbitrator was necessary. This arbitrator was not any brother in the church, it was the very peace of Christ, which is the oneness of the new man, the Body.
We should allow the peace of Christ to arbitrate in our hearts. All the parties must take heed to the word of the arbitrator. Do you realize that you have an arbitrator within you?
From Colossians we see clearly that the peace of Christ is our inward arbitrator.