My wife used hooks to hold dowels for rolls of ribbon, but they didn’t extend far enough from the pegboard (given the diameter of the rolls at least) so the hooks would often fall down when you pulled on the ribbon.
I whipped up these dowel holders in Illustrator to securely hold two 3/8″ dowels far enough from the pegboard to accommodate the ribbon.
Small tabbed feet keep the holder from falling over, and small holes were included to thread zip-ties through to attach it to the wall.
They were cut from scrap lite plywood at NovaLabs on their 100w laser cutter.
Overall, it is working great! Check out a vectored PDF here: Ribbon holder.