How to reduce peaks of audio waveforms in Davinci Resolve?

I need to reduce noise in my audio and for that I want to clip or reduce peaks of audio waveforms. How can I do that in Davinci Resolve?

Reducing noise and fighting peaks are generaly without hearing your audio, 2 different things. But in general to reduce (please dont clip) peaks yuo can use a compressor. You basicaly set a threashold above which peaks will be compressed down at a factor you set.
Use your ears untill it sounds good. Using compressors can be a difficult thing and easily overused, but play with it. In its extreme form it turns into a limiter, which compresses down audio over a set limit completely . Its not the same though as clipping which cuts of your sound with a knife and leaves horrible sounding artefacts.

Reducing noise and fighting peaks are generaly without hearing your audio, 2 different things. But in general to reduce (please dont clip) peaks yuo can use a compressor. You basicaly set a threashold above which peaks will be compressed down at a factor you set.
Use your ears untill it sounds good. Using compressors can be a difficult thing and easily overused, but play with it. In its extreme form it turns into a limiter, which compresses down audio over a set limit completely . Its not the same though as clipping which cuts of your sound with a knife and leaves horrible sounding artefacts.

I certainly got what you said and will try to play with compressor and see what happens. Can you also tell if there is a way to reduce audio noise in Davinci Resolve (like we have a drag and drop effect in Premiere pro)?

Yep. DR15 comes with a new noise reduction plugin, but due to a slipup i guess its only available on the mac version currently. The next beta surely fixes that.

The Fairlight Expander in Downwards Expansion mode is another viable solution and alternative to a dedicated broadband noise reduction plugin.