In peer-to-peer distributed systems, the selection of a reliable coordinator is a pivotal process, often vulnerable to node failure and communication link failure. Herein, we present an innovative Fault-Tolerant Coordinator Election Algorithm (FTCEA) designed to address these issues, specifically crafted to withstand node failures in peer-to-peer distributed systems. Our algorithm distinguishes itself by capitalizing on a unique preference-based method, which incorporates significant nodal attributes into the election process. This integration of nodal attributes contributes to the election of a durable and reliable coordinator, significantly enhancing the robustness of the system. A comprehensive analysis was conducted to measure FTCEA's communication complexity, execution time, and space complexity using a peer-to-peer distributed application. The results demonstrated that FTCEA successfully identifies a coordinator node with a communication cost of O(n) messages and a space complexity linear to the number of attributes, represented as O(n.m). Remarkably, FTCEA demonstrated an approximately 50.10% improvement in communication cost compared to the enhanced Bully algorithm, a widely utilized method in this domain. Moreover, FTCEA can maintain a linear storage cost of O(n), thereby significantly improving the computation cost. In summary, FTCEA offers a scalable and efficient solution for coordinator election in distributed systems, showing promising potential for practical applications in the field. The algorithm's unique design, robustness, and efficiency make it a valuable contribution to the advancement of peer-to-peer distributed systems.