Cubase level issue?

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I searched the forums and couldn't quite find what I need help with.

I'm using Cubase 5, and the level on the instrument in question is peaking at around 2 or 3 db, but is no where near that loud. I turn down the volume, compress, limit, etc., but nothing seems to change the peak level. I know it isn't peaking at what it says it is, but I'm trying to get all my levels straight, and with improver information, I'm having trouble. I can get everything sounding balanced with my ears, but I'd like the hard numbers to be there as well.

Any help is appreciated. Sorry if this is a repost, etc.

EDIT: Bah. Found the issue 2 seconds after posting. Literally tried for 20 minutes before posting. I had to right click the channel and hit "Global Meter Settings > Meter Post-Fader" ... Sorry for the clutter! Delete if necessary.