Peonies traditionally symbolize romance, prosperity, and honor, with strong associations in Chinese and Japanese art to wealth and bravery. Butterflies are widely read as symbols of transformation, the soul, or the fleeting nature of life. Paired together, the combination usually reads as feminine beauty meeting change or growth, though some choose it simply for the visual harmony rather than deep symbolism.
Where it sits
This design has a rounded, clustered shape with the butterfly extending off to one upper corner, which suits the shoulder, upper arm, thigh, or shoulder blade where the bloom can sit as a self-contained focal point. It would also work on the outer forearm if angled so the butterfly leads toward the wrist or elbow. At smaller sizes the fine petal linework and the butterfly's wing spots would blur together, so it needs reasonable space to keep the layering of petals distinct.
Making it yours
Ask an artist for any of these.