The words peal, peel sound the same but have different meanings and spellings. Why do peal, peel sound the same even though they are completely different words?
The answer is simple: peal, peel are homophones of the English language.
A ringing of a set of bells, especially a change or set of changes rung on bells.
A set of bells tuned to each other; a chime.
A loud burst of noise: peals of laughter.
To sound in a peal; ring.
The skin or rind of certain fruits and vegetables.
A chemical peel.
To strip or cut away the skin, rind, or bark from; pare.
To strip away; pull off: peeled the label from the jar.
Definitions from The American Heritage® Dictionary of the English Language, 4th Edition and Wordnik.
Homophones (literally "same sound") are usually defined as words that share the same pronunciation, regardless of how they are spelled.
If they are spelled the same then they are also homographs (and homonyms); if they are spelled differently then they are also heterographs (literally "different writing").