Peer-to-Peer (P2P) multimedia application is expected to be one of the most important services supported by the next generation networks. However, how to balance server load in reducing the peak network traffic for a given P2P network is still a challenge. This paper performs dynamic server redirect (DSR) techniques that blocked requests from high load peer can be redirect to the peer which has high available bandwidth and very low request arrival rate. A novel and approximate model for evaluating the relationship between the request blocking probability and increased cost is proposed. Based on the performance analysis of request blocking, the P2P system can dynamically find efficient ways of using available bandwidth within the acceptable increased cost. Numerical results show that the dynamic server redirect scheme significantly reduces request blocking rate.