Potato peels (PPs) are generally considered as agriculture waste. The United States alone generates over one million tons of PPs a year. However, PPs contain valuable phenolic compounds with antioxidant activities. In this study, we evaluated the efficiency of ultrasound-assisted extraction techniques in recovering antioxidants from PPs. These techniques included a direct ultrasound-assisted extraction (DUAE), an indirect ultrasound-assisted extraction (IUAE), and a conventional shaking extraction (CSE). Results of this study showed that DUAE was more effective in extracting phenolic compounds than IUAE and CSE. We also evaluated the factors affecting the yield of total phenolic compounds (TPC) in DUAE, including the temperature, time, acoustic power, ratio of solvent to solids, and size of PPs particles. TPC yield of DUAE was higher, and the extraction rate was faster than IUAE and CSE. Furthermore, TPC yield was strongly correlated to the temperature of the mixture of PPs suspension. SEM images revealed that the irradiation of ultrasound energy from DUAE caused micro-fractures and the opening of PPs cells. The extract obtained from DUAE was found to have antioxidant activity comparable to commercial synthetic antioxidants. Results of this preliminary study suggest that DUAE has the potential to transform PPs from agricultural waste to a valuable ingredient. A future systematic research study is proposed to advance the knowledge of the impact of processing parameters in the kinetics of phenolic compounds extraction from potato peels using various extraction methods.