Goals by Norwich target Craig Mackail-Smith and Lee Tomlin set Posh on their way to a fourth straight success, while George Boyd helped himself to a brace to inflict more misery on struggling Wednesday.
Darren Ferguson's team are playing with real confidence at the moment and look a good bet for promotion after scoring 19 goals in those four games and only conceding one in the process, leaving them just adrift of second-placed Huddersfield with a game in hand.
By contrast, Wednesday's dreams of an immediate return to the Championship have long since disappeared thanks largely to a dismal run at home which has seen them fail to win there since early December.
The Owls actually started the game fairly brightly and the loss of defender Mark Beevers to a head injury certainly did not help their cause.
However, from the moment Mackail-Smith raced through to score Peterborough's opener in the 25th minute, the writing looked on the wall.
Tomlin doubled their advantage 10 minutes later with a delightful chip over Owls keeper Nicky Weaver before Boyd slammed in their third just before half-time.
Substitute Paul Heffernan briefly gave Wednesday hope with a reply soon after the restart, but those thoughts were killed off when Weaver spilled a soft shot from Boyd into his own net to seal a good night for Posh.
Sheff Wed 1-4 Peterborough: Match Report - view commentary, squad, and statictics of the game as it happened.