The two famously argued on-air last spring, leading to O'Donnell's exit from the ABC daytime show before her contract ended.
Hasselbeck returned to "The View" Monday following her maternity leave, during which she gave birth to son Taylor Thomas.
"He's very, very cute. I saw him on TV, and I sent him a lovely gift, and (Hasselbeck and I) have been e-mailing each other. And peace prevails," O'Donnell told People.com at the opening of "The Little Mermaid" on Broadway Thursday night.
"I sent something for him and something for his big sister (2-year-old Grace,)" said O'Donnell. "Because, as the mother of four, I know that when the newborn arrives, the most important thing is a sibling gift. For (Taylor,) it was a lot of clothes, because babies spit up a lot. I go to Baby Gap. There is a standard newborn gift pack -- as much as you can buy at the Gap without being arrested. And a learning gift, a soft shape sorter. And then for (Grace) who is older, I got a tea set that she loves."