In 1 Peter 1:17 Reverence is literally “fear,” but here the word connotes not fear but “awe,” “respect.” This is usually the attitude one has towards God in worship; in this verse, however, this attitude is taken as valid for the whole Christian life. A literal translation of the Greek term often rendered “fear” can be seriously misleading because it would suggest that the Christians were to be “afraid of God,” while in reality it is the reconciliation with God through Jesus Christ which eliminates this fear. There may not be in a language, however, a wholly appropriate word for reverence, but some such expression as “deep concern for” or “great respect for” may occur. Sometimes reverence may be expressed figuratively as “stand before with your heart fluttering.”
(from the UBS Handbook Series. Copyright © 1961-1997, by United Bible Societies.)