Well, of course there's such a thing as peak average power vs average power - it's usually referred to as the crest factor. You have to know that, the longer a power level stays at a particular level, the more it influences the long term average - so peak average levels can negatively influence the average (assuming you want a greater crest factor).
If anyone is up to date on the loudness 'wars' and has taken a look at the BS1770 standard, you get schooled in the knowledge that:
- loudness is perceptual
- loudness is frequency dependent
- loudness is measured in units of time
There's nothing wrong with,
and it's the norm for most, with measuring average loudness the full length of the song. You can still note peak average levels if you want, and if you're interested, you can get your hands on a meter that does crest factor metering. Blue Cat's DP Meter Pro does this, shows crest factor, and has the necessary histograms to view averages vs time.
But, as some ancient wit said, "This is all academic.."