Surfer wins.
this is spite.
we've seen Hiro use the time stopping powers and they are local in effect. hell, in the last episode Hiro couldn't even prevent a murder, because he couldn't react fast enough with his powers.
now given +human+ reaction and processing limitations, no way is Peter going to be able to trap Surfer in suspended time.
Surfer's CA will alert him to ALL Peter's powers, from such a vast distance away (in space AND time) that Peter will not even know Surfer's approaching.
Furthermore, Surfer can go back in time, albeit not with anything like the ease with which Hiro does it but, it is there as a power nonetheless.
so Surfer could just go back in time and fight a different (weaker) version of Peter, if he so desired).
lastly, there's the simple observation that NOTHING Peter can do (power/force/energy-wise) could HURT the Surfer.
so even if he somehow got the drop on him with the time stopping, he would be buggered as to what to do to him... eventually Surfer would just re-enter normal time (as the effect wore off) and murder Peter.