Peniel (which means “face of God”): The name shows that Jacob recognized the man as a manifestation of God (a theophany).
yet my life was spared (or and my soul has been rescued): This probably meant Jacob realized that God had answered his prayer to be saved from Esau (32:11). If he could encounter God like this and survive, he had nothing to fear from Esau. The saying may also reflect an ancient belief that no one can see God and live (see Exodus 33:20).