It doesn't look like peace talks were on the table as both Rāma and Sugrīva had already made up their minds that Vāli should be eliminated.
http://valmikiramayan.net/utf8/kish/sarga5/kishkindharoman5.htm
"Oh, Raghava, my brother denounced me, he even made me an enemy of
his, such as I am I am living in these forests with scare and fear,
and with dismayed vitality... [4-5-22b, 23a]
"Oh, highly fortunate Rama, affirm fearlessness to me from Vali by who
I am highly intimidated, and as to how there will be fearlessness to
me from him, it will be apt of you to accomplish that, that way...
[4-5-23b, 24a]
When thus said, that resplendent and righteous one being the patron of
virtue Rama replied Sugreeva, as though laughing off. [4-5-24b, 25a]
"A friend is the resultant factor of helpfulness... that I know... oh,
great monkey I intend to eliminate that Vali, the abductor of your
wife... [4-5-2b, 26a5]
"Unfailing are these arrows of mine, scorchers like sun, sharp ones
tied with eagle feathers, similar to Indra's Thunderbolts, sharp are
their point and straight is their egress, similar to enraged snakes,
and these arrows of mine will be speeded up to fall on that vicious
Vali... [4-5-26b, 27, 28a]
"You will see now itself the falling of Vali like a splintered
mountain onto ground, when completely ruined by these cruel arrows
that are similar to venomous snakes..." Thus Rama inculcated
confidence in Sugreeva. [4-5-28b, 29a]
...
...
http://www.valmikiramayan.net/utf8/kish/sarga12/kishkindharoman12.htm
"Oh, Rama, today itself you eliminate that enemy of mine in a brother's semblance for my happiness, for which I adjoin my palms in supplication." Thus Sugreeva requested Rama. [4-12-11]