Answer:
A definition for the term "peace without victory" could be:
A peace between two sides without one winning or losing.
Explanation:
Why President Wilson saw this necessary as a component of the Treaty of Versailles was because "Victory would mean peace forced upon a loser, a victor's terms imposed upon the vanquished," Wilson said.“It would be accepted in humiliation, under duress, at an intolerable sacrifice, and would leave a sting, a resentment, a bitter memory upon which term of peace would rest, not permanently, but only as upon quicksand.”
Basically, Wilson believed that no peace could last between two sides where one was claimed as a winner and one was claimed as a "loser" because there will always be a remembrance that one is better than the other.