Reserve center Joe Walker scored a career-high 19 points for UVSC (15-7).
Jaraun Burrows led the Mastodons (7-15) with 16 points and a game-high seven rebounds.
With 14 minutes left in the game, the Mastodons had cut a 19-point halftime deficit to seven, but the Wolverines regrouped and outscored IPFW 30-11 over the final 10 minutes.
The Mastodons began the second half on a 20-8 run to pull to within 56-49. Burrows sparked the rally with nine quick points. But Peterson made two 3-pointers and Toolson added a 3 and two jumpers for UVSC.