Methods, systems, and computer readable media for peer aware load distribution are disclosed. According to one method, the method includes steps occurring at a DSR comprising a plurality of message processors. The method also includes receiving Diameter messages associated with two or more Diameter sessions, wherein each of the two or more Diameter sessions is associated with a first peer group and assigning, using the first peer group and a peer aware load distribution algorithm, the two or more Diameter sessions to two or more message processors of the plurality of message processors, wherein the peer aware load distribution algorithm distributes Diameter sessions associated with the first peer group among the two or more message processors for avoiding a single point of failure.