Grafting or layering of the stems. Seeds are like people you can never tell what you have until they grow up. Grafting or layering will give you a plant that is the parent not the parent's offspring.

Do a search for peony grafting HPS and CPS both have instructions on their sites.

Bill,
Tps can be grown from seed: When seed pods split open, collect seeds into damp peat moss; put seeds/peat into a baggie or a covered plastic container; keep at room temp for couple of months.

When seeds sprout roots, transfer into mix of equal parts potting soil and perlite; planting depth about 1 inch; place in frig; after about 1 month, top growth will appear; remove from frig and grow under lights or outside.