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Preheat oven to 350° and grease a 13"-by-9" baking dish with cooking spray. In a large bowl, whisk flour, baking powder, baking soda, cinnamon, and salt.
Using a hand mixer on medium-high speed (or in bowl of a stand mixer fitted with paddle attachment), in another large bowl, beat butter and brown sugar until light and fluffy. Add eggs, one at a time, beating well after each addition, then beat in vanilla. Add dry ingredients and mix until just a few dry streaks remain. Add buttermilk and mix until just combined. Fold in peaches. Pour into prepared pan and spread in an even layer.
Bake until a tester inserted into center comes out clean, 30 to 35 minutes.
In a medium pot over medium heat, bring brown sugar, butter, milk, and salt to a boil; cook 1 minute. Remove from heat and whisk in powdered sugar until smooth, then whisk in vanilla.
Immediately pour icing over cake while still warm. Let cool completely.