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A key activity in Phase 1 of REDD+—the UN’s Framework Convention on Climate Change (UNFCCC) forestry mitigation mechanism—is the development of policies and measures (PAMs) to define where and how emissions reductions and carbon stock enhancements and conservation will be achieved. This paper provides contextual data and information for the development of PAMs specifically for the buffer zones of protected areas in the Peruvian Amazon, sites where REDD+ has the potential to generate considerable social and ecological co-benefits. The study sites are the buffer zones of two national parks, Yanachaga-Chemillen (YChNP) in central Peru and Manu (MNP) in the south-east. Data were collected through smallholder household surveys (n = 200), covering livelihood strategies, land use practices and preference rankings of five REDD+ criteria. The findings suggest that PAMs in buffer zones could realistically achieve an additional ~10 % conservation of remaining forest and between 25 and 70 % additional reforestation of non-forest areas on private lands. The paper argues that in areas where agricultural co-operatives exist, such as MNP, these should be engaged in national REDD+ PAMs and supported by an international NGO; in areas where smallholders operate individually, such as YChNP, international NGOs may be best placed to gain local trust and thereby raise participation rates. The environmental effectiveness of REDD+ conservation PAMs could be greater in areas of intense agricultural production, yet financial and technical support for reforestation may offer the most effective avenue for carbon mitigation in these areas.