Analysis of reliability, power, and performance at hardware and software levels due to heterogeneity is a crucial requirement for heterogeneous multicore embedded systems. Escalating power densities have led to thermal issues for heterogeneous multicore embedded systems. This paper proposes a peak-power-aware reliability management scheme to meet power constraints through distributing power density on the whole chip such that reliability targets are satisfied. In this paper, we consider peak power consumption as a system-level power constraint to prevent system failure. To balance the power consumption, we also employ a Dynamic Frequency Scaling (DFS) method to further reduce peak power consumption and satisfy thermal constraints on the chip. We illustrate the benefits of our scheme by comparing it with state-of-the-art schemes, resulting in average in 26.5 percent less peak power consumption (up to 54.3 percent).