When I refer to tracks all being at a ref rms level I am not talking about the mix in any form. Or creating any sort of mix by setting groups of faders at the same value etc.. It is all about having all the signal you need to be able to place any sound within a mix from very soft to loud if you want it. When rms levels on tracks are right then you will have the right amount of range of that sound. Decent amount at unity, above unity, and lots of softer levels below unity.
(for the channel fader that is) Once those tracks are correctly set up with all their rms levels at the ref level, then you are set to do an excellent mix. The rest is up to you. How well you balance that mix as the balance engineer. You will get that balance because you always have the right amount of any level waiting behind a fader (pulled down to silence) ready to come into your mix and establish itself at the perfect level every time. Set by you of course.
(Other things will improve your balance, cleaning up the arrangement, reducing masking using EQ and other effects etc..This is all good mix techique, nothing to do with track rms levels now!) Except I still involve the VU meter. What I am aiming for is a real nice mix that is just hitting 0 dB VU nicely and not overshooting or anything like that.
I feel getting involved with peak levels first is still a little unnecessary. And it can be avoided. Set your rms levels the same instead. Peaks are only a concern as they get closer and closer to 0 dB FS. And peaks are very important with those all important fast/percussive sounds that slip past the VU very quickly.
If a track or mix had its highest peak at say -12 where is rms level then in relation? If its 14 dB down for example in the case of that K System ref level, then the rms will sitting down at -26 dB FS. Which is actually a little low. Better off having that level at -20 dB FS
(K system ref) rms and its peak may reach -6 dB FS instead.
The more you think about peaks and keeping them at some arbitrary level the more variable the rms levels will be everywhere. Because as
Dave very well put it, the rms/peak ratios are all different for each sound and track etc..So why not keep rms levels all the same throughout your system and let the peaks vary instead.
It is so easy to track and render at a consistent level.
(eg virtual instruments and the levels vary wildly from VST's. They really need to be set at a correct rms level before any rendering takes place) Once everything at track level is at a consistent rms level, there is just less work from that point on now because all your levels are right and ready to go.
People seem to hang onto peak metering and try to meter everything peak-wise when it is actually futile. They gave us peak metering when the DAW really came to town, they left out rms metering by mistake. We had it before. It was dumb to leave it out. Some DAW's have the right idea now. They are letting you switch the metering into rms mode much more easily.
(eg FSD for 0 dB VU ref levels) You can also easily put it back in and work with it. It is tried and true and wins every time doing a great mix.
The rms way for me is simply the best way. So give it a go you may just never look back. It becomes so easy and natural after a while. I never see a clip light come on anywhere which is telling me all my peaks no matter how high they jump above rms levels on tracks, buses and the final mix are still well clear of 0 dB FS. The headroom is always built in. A -20 db or even a -14 db pre mastered mix is a dream to master. Just so much headroom built in and so much to work with for the EQ, compressor and final limiter too.