Any advise on hanging pegboard in crafting room?

What is the size of the pegboard that you want to hang? and are your walls concrete, or drywall construction?

I'd pick up a picture frame at a thrift store. Paint it and the pegboard the color you want, and mount the pegboard within it. If you want you could use a glue gun to attach fun small craft things around the frame. I intend to do the same thing for my sewing room, using vintage sewing notions.

Use 1x1's around the edges and you can hang it like a picture.. The 1 inch gap under it allows you to use standard hooks to hang your things on it.

Before my husband died he covered one half wall with peg board. I have dry wall so he mounted strips of wood to screw the pegboard to. This way the board was a little away from the drywall and easy to install various hooks into the pegboard. Everything in sight for easy access right behind my sewing table.

Shay has the right idea. In essence you build a frame on the back of the pegboard, around the edges or in from each edge a bit. If you are hanging a full sheet (4 feet by 8 feet) you will also want to run a 1X1 lengthwise down the middle. If you don't want to use wood you can mount the pegboard using long wood screws and metal washers. Put a washer over one of the holes, put a screw through it and add 6 or 7 washers to the other side to hold the pegboard out from the wall. Make sure your screws go into studs.

Thank you for the tips

I agree with setting up your living space in whatever way suits you and your lifestyle the best, rather than always going automatically with what may be usual.