I'm a pegboard sort of guy, or used to be. My old compact workshop in California had walls that were 100% pegboard. How I organized it was based on what I did in each of the areas and what tool was there. The wood lathe had woodturning tools, centers, etc. on the pegboard behind it. The drill press had hooks for vises, various jigs I used frequently. The bandsaw pegboard had spare blades, fences, miter guides, etc. back there. The woodworking bench pegboard was loaded with clamps of all types and lengths. The dirty work bench had sets of screwdrivers, combination wrenches, etc., arranged by size and type. Most of those were different from the ones in the tool box and chest next to the bench.
I don't think there's any standard way to do it, really. It's an individual thing to organize a working space. Everyone has different needs and habits, so, everyone's pegboard wall looks different.
Currently, after moving to our townhouse, the work area in the garage has a very different arrangement that reflects the kinds of things I'm doing now, which are very different from what I used to do. We change. Needs change. Life changes. Tool organization changes.