Kathy,

If you could do this it would be true to color. However if you are talking about a herbaceous peony it is impossible to propagate the plant by stem cutting.

You can graft the cuttings with buds if from a tree peony to a herbaceous root the same way that fruit trees and roses are grafted to other root stock. The Canadian peony Society did have a video that you could purchase showing how to do it. I have taken the HPS workshop and find it the proceedure very interesting but I will allow someone else to do it for me. (Until I can't resist the urge to borrow a cutting) So far I have asked and been granted permission. Best hint allow the root stock to rest out of the ground well washed and dried for several days, makes the cutting easier.