- Páfi = Pope.
- Patti = Urchin, lad.
- Paufi = Lingerer.
- Pegasus = The winged horse Pegasus, which the ancient Greeks associated with inspiration.
- Peli = Flask, half a pint.
- Peningur = Money, coin. Live-stock.
- Penni = Pen.
- Pexi = Someone who is always contradicting.
- Peyi = Urchin, lad.
- Piltur = Boy, youngster.
- Pinni = Nail, stick. A sip of wine.
- Pipar = Pepper.
- Pjakkur = Iron edge, boy, a horse without tölt.
- Poki = Bag, One of Grýla's sons.
- Plúton = Pluto.
- Polli = Small, slim boy.
- Prakkari = Rascal, trickster.
- Prati = An excitable horse.
- Prettur = Joke, trick.
- Prímus = Camping stove; Latin for "first".
- Prins = Prince.
- Prúður = Quiet, elegant, polite.
- Punktur = Point, dot.
- Purkur = Miser.
- Putti = Little finger, urchin. Suitable for a small horse.
- Pútur = One of Grýla's sons.