Set oven control to broil. Line cookie sheet with cooking parchment paper or foil.
Cut peaches in half lengthwise; remove pits. Cut each half into 4 equally sized slices, making 16 slices total.
In medium microwavable bowl, microwave butter, brown sugar and red pepper uncovered on High 20 to 30 seconds or until butter is melted. Stir until a paste forms.
Add peach slices to butter paste; toss to coat. Arrange peaches in single layer on cookie sheet. Broil with tops 6 to 8 inches from heat 2 to 3 minutes or until peaches begin to brown. Turn peaches; broil 2 to 3 minutes longer or until lightly browned. Remove peaches and any caramel left on cookie sheet to a bowl; toss to evenly coat. Cool 3 minutes.
Place taco shells on microwavable plate. Fan out in circular pattern, overlapping edges slightly. Microwave uncovered on High about 45 seconds or until warm.
Place 4 peach slices into each taco shell; top with whipped cream and caramel sauce.