MIDI Instrument Volume / Gain Adjustment for Recording

Here is the scenario.  I am recording a grand piano preset included within Dimension Pro on to a MIDI track within Sonar.  For the sake of the story, it makes no difference what virtual instrument, the Dimension Pro piano is just for illustration.  However, because the piano has such a wide dynamic range, it fits this scenario quite well.
 
I am recording the part as is, meaning no compression during tracking.  Most of the part can be recorded in the -12dB range.  However, during a ff or a fff strike of the keys, the meter jumps up to clipping.  I know, you’re all thinking I should add a compressor.  But without doing that, I simply want to lower the level of the entire audio being recorded.
 
There are two options in the MIDI track header, and two options in the corresponding Instrument Track header to lower the entire volume as a whole prior to recording.  In the MIDI track header there is the MIDI Note velocity slider and the Volume slider.  In the Instrument Track header there is the Volume slider and the Gain slider.   Which option is best suited for this scenario?  Thanks for your time.

Lowering the MIDI track volume (sends CC7 -  Master Volume) will lower the output level of the synth, eliminating the problem at the source - probably the best way to go. 

The top portion of the meter on a MIDI track is a MIDI activity indicator. See http://www.cakewalk.com/Documentation/default.aspx?Doc=SONAR%20X3&Lang=EN&Req=Mixing.20.html
As of X3d, the color of the MIDI activity indicator has been changed from red to green. I imagine the change is an attempt to help discriminate the MIDI activity indicator from audio meters.