We prove a conjecture made by Frank Peterson on the global structure of the Dickson algebras arising as odd primary general linear group invariants. The Dickson algebra $W_{n}$ of invariants in a rank $n$ polynomial algebra over $\mathbb{F}_{p}$ is an unstable algebra over the mod $p$ Steenrod algebra. We prove that $W_{n}$ is a free unstable algebra on a certain cyclic module, modulo just one additional relation. The result is both similar to and different from the corresponding result we previously obtained with Frank Peterson at the prime 2. We also extend our characterization to the algebras of invariants under the special linear groups.