When say Peak Envelope Power , PEP or peak power , your talking about the same reading just expressed in different way . Its simply the maximum power or the measurement of the crest of the wave . If you want a cheap meter that reads PEP and does a good job then just go on line and purchase a used Heathkit HD-2140 like I have which reads both peak and average power at the push of a button . I know now its not your fault , but the thought of a person holding a extra class license and operating a legal limit amp who does not fully understand something as fundamental as average , rms and peak power is not a good sign . Its like a comment a guy made on a Kenwood boat anchor site I read in recent times who damaged the finals on his transmitter and wondered why the manufacture did not post a warning that such a thing could happen if the unit is not tuned up properly .At the time the radio was being sold in the early 1980es , it was not unreasonable for Kenwood to assume that a licensed operator would know that fact but today ? I think the FCC should at the very least bring back the requirement that each person hold each class of license starting with the lowest class for at least a year before being eligible to take a advancement test to acquire a higher class of license .