If you’re going to be using your pegboard for multiple types of tools, it is best for you to organize them in groups of similar items. (Source: http://wallpegstore.com) Have a variety of pegboard hooks available and organize them in such a way that they will be easy to find and take up the least amount of space on the pegboard. If you have multiple types of tools to hang, you can section off the pegboard so that it is easier to do. You can use chalk, a magic marker or even painters tape to create the sections.
One other suggestion that I can provide for you is to draw the outline of the tool hung on the pegboard once it’s in place. For some projects, you may be taking several items off of the pegboard at the same time, and it makes it very easy for you to put them back into place when you do so. A magic marker works great for drawing those outlines on a standard pegboard.