As the share of renewable generations (RGs) in power systems grows, the demand for peak regulation has increased, leading to higher associated costs. In this paper, we propose a mechanism for allocating peak regulation cost among RGs and distributing compensation among peak regulation resources (PRRs). This mechanism is integrated into a coordinated generation scheduling model to enhance the economic efficiency of independent system operators (ISOs) and incentivize PRRs. First, we propose a model for peak regulation cost of diverse PRRs. Next, we develop a method for constructing an RG output curve that facilitates peak regulation. The waveform difference between this constructed curve and the RG forecasted output curve is then calculated. In addition, we create a mechanism for peak regulation cost allocation and compensation distribution that incorporates the waveform difference, the peak regulation contribution of PRRs, and participant satisfaction as key indicators. We then establish a coordinated generation scheduling model using this mechanism, which is solved through the column-and-cut generation algorithm and rolling optimization. Finally, we conduct case studies based on an improved IEEE 30-bus test system and perform several comparative analyses to validate the effectiveness of the proposed mechanism and coordinated generation scheduling model.