You can live with joy if your conscious of God’s grace. If you drink deeply from the well of God’s peace.
The Greek word for grace is "charis." It's basic idea is simply "non-meritorious or unearned favor, an unearned gift, a favor or blessings bestowed as a gift, freely and never as merit for work performed."
In other words, grace is that which God does for mankind through His Son, Jesus Christ, which mankind cannot earn, does not deserve, and will never merit.
The Greek work for peace is "eirēnē," conveys the sense of an inner rest, well being and harmony. The ultimate peace is the state of reconciliation with God, effected by placing one's faith in the gospel.
Paul is saying "I wish you grace, I wish you peace. I wish You God's best." The source is God the Father, the source is the Lord Jesus Christ. It says, "I want the very best for you."
Grace is God's gift, peace is the result.
In verse 3, Paul writes "I give thanks to my God for every remembrance of you." Paul is saying, I don't have any negative memories of you.
the Lord make His face shine upon you,
And be gracious to you;
The Lord lift up His countenance upon you,
And give you peace.
Now and forever, in Jesus' name