During Chapter 14 of Dead Space 3, you will get the optional side mission of going to the Reaper’s Barracks. Choose to do the quest and when you immediately enter the barracks, you will come to a gate. Make your way through and then go to the left to enter a room on the second floor.
Take out the enemies on the opposite side that are shooting at you and then hop down the ladder to the bottom floor. Once here, there will be a spiked pump that you will need to use your stasis on to slow down so that you can run through the tube without getting killed.
The Peng statue is located in this tube, but behind the spiked piston. Make your way through the tube and exit to the left. Kill the few enemies that show up and then stasis the piston as it shoots forward. Peek your head into the doorway and you will be able to see the little Peng lying on the ground within the tube to the left at the far end. Shoot your telekinesis at the statue while the piston is slowed and pull it out to safety
Be sure to check out our Dead Space 3 Review if you haven't already.