Pegasus is a rarely seen DMFA character. Merlitz described him as "Master of most weaponry and famous for his strength!".
Pegasus first appeared in strip 52. However after an incident regarding a human, Merlitz was kicked out of his old adventuring team. Pegasus ran into "Merlitz" (it was actually Abel in disguise) again at the Lost Lake Inn , while investigating for some Cubi. The party left the inn at "Merlitz"'s request, though they briefly considered attacking the Cubi they found.
The party has not been seen since.
Pegasus and the others of Merlitz's old adventuring party are based on real person's characters, which is something Amber has been trying to avoid , so it is unlikely to see the old adventuring party again soon. They will likely remain bit-characters.