The better choice is b) The group members are Peter, Tom, and I. It looks like "Peter, Tom, and I/me" is the object of the verb "are," and normally you would use "me" in object position. However, the verb "be" behaves differently than other verbs. When the verb is "to be" the rule is that the object is renaming the subject, and so the subject pronoun is used.
With a different verb you would use "me" as in the examples below.
But the verb "be" acts like an equal sign, stating that the object is the same person or thing as the subject. In fact, the subject and object are interchangeable in these types of sentences. You can see this in the examples below.
This is the rule taught by English teachers, and it should be followed in formal and academic writing. However, many native English speakers use "me" after the verb "be" and it sounds very natural.
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