First of all:
Do you use linear dropout regulators for your µC and WiFi stuff, or are you using a switch mode PSU approach?
WIFI modules consume very much power, and they also have very low supply voltages. So 200-300MA on the 3.3V rail for the Wifi module is very common.
The µC, f.e. a AVR, doesn't need very much power. So let's assume 350mA on the 3.3V rail (WiFi + µC)
Then assume you have a 12V wall wart.
If you using a linear regulator from 12 to 3.3V, you will dissipate (12-3.3V)*350MA = 3.045W
That means, you will need heatsinking for f.e. a TO220 regulator. The positive thing about linear regulators is, that they are extremely easy to built. Just treat them some bypass caps, and they are fine. Also consider that the current flowing out of the linear regulator also has to flow in, thus when you have 3.3V 350mA on the output, 12V 350mA have to be applied on the input. So If your pelitier element uses 1.7A and Wifi + µC 350mA, you are already above 2A. So I would use a 2.5A or 3A wall wart.
Switching regulators, on the other hand, are very efficient, but complicated to built, dependend on your experience.
Driving the pelitier element directly with, f.e. a µC output pin, which has 3.3V, is totally fine. Just remember to select a logic level MOSFET, with a Vgs(Th) of 2.5V or lower.