Three subspecies are recognized, P. q. quadriocellata, P. q. lepida and P. q. bimaculata. A fourth subspecies, P. q. parva, has recently been elevated to species-level (Rocha et al. 2010) and is treated as a separate species here. Genetic data indicate that Phelsuma quadriocellata is a complex of several additional species, probably including the subpopulation known from Nosy Boraha, and is in need of full revision (Glaw and Vences 2007).

Listed as Least Concern in view of its wide distribution, tolerance of a broad range of habitats, large population, and because it appears to have a stable population.

This species occurs on the island of Madagascar where it is widely distributed in mid elevation areas in the east, between 720 and 1,350 km² (Glaw and Vences 2007). The species has an estimated extent of occurrence of 81,484 km².

This is a common species.

The Peacock Day Gecko inhabits low and mid-altitude humid areas where it occurs in intact forest, degraded forest, gardens, plantations and houses It has been observed using Pandanus screw palms (Lethinen et al. 2003).

This species is widespread and abundant in a range of habitats. This species is protected under CITES Appendix II and collection does not represent a threat.

This species is exported from Madagascar for the commercial pet trade. There is an annual export quota of 2,000 individuals, although due to the recent taxonomic change to this species it is unclear how many exported animals are true P. quadricocellata.

This gecko has been recorded from protected areas. Exports of this species are controlled by a quota system. Research is needed to clarify the taxonomy of this species complex.