This coloration is fairly unique among Saunders woody peonies so it cannot readily be confused with any others. Hooray! I am intrigued by the reverse sides of the petals with their white flares. 

The top photo showing a flower with a more semi-double form was chosen because the carpels and stigma are more visible but most flowers are more double as shown in the lower photo.

Cultivar: Banquet
Year: 1941
Seedling No: 13026 L-D X crimson tree peony
Group: Banquet
Flower: Color: strawberry red, white flares on back of petals lighten the overall color, dark central flares on innermost petals are mostly hidden
Form: double, ruffled petals
Blooms: Week 5
Carpels: 7 or more, green
Stigmas: pale pink
Sheath: pink (reported by Silvia Saunders as purple)
Stamens: filaments crimson (more numerous than in registration information)
Plant: Habit: broad bush (70″ wide in 2021)
Foliage color: medium green
Foliage form: slightly more narrow than many
Height: 43″ on 8 year old plant
Recommendation: Recommended
Availability: Few specialty nurseries