Reports from votes cast prior to today's meeting of shareholders suggested the election would be too close to call.
But at the end of the meeting P&G's chairman and chief executive David Taylor announced that all 11 of the company's directors had been re-elected to the board.
Taylor said: "We will continue to engage constructively with Nelson Peltz, whose input we value."
The letter read: "While Mr Peltz is an accomplished investor, he does not fit the criteria established by the P&G Board through its rigorous governance process, nor does he have the skills the board needs to continue to guide P&G for the future.
"P&G is on the right track and needs to stay focused to avoid derailing the progress underway."
Peltz had issued a 94-page white paper last month, spelling out why he believed P&G was on the wrong track – with his reasons including a perceived weak digital presence, lack of innovation and excessive costs.