John's right that you can set the meters to display both, but that isn't the same as scanning to find the max peak or the average RMS over time.
Personally, I use some RME tools to measure sound in different ways.
One way to find the loudest moments in your recording (peaks not RMS) is to let the track play through a master bus where the Preview Wave Form is on the master bus. Then you can expand the wave form.
If you want more help, you can push the volume fader on the master bus until the moments you want to catch are clipping. Then you get a red vertical line where the clips occurred.
If you are impatient, you can bounce to tracks to see the wave form generated for the entire track faster and hunt out peaks that way.
None of these ideas are really what you want which is an analysis of peaks and RMS of your track over time (like a 3D view with frequency, amplitude and time as dimensions). Cakewalk did offer a deal on Blue Cat Plugs... Here's a link where I asked about them...
http://forum.cakewalk.com/Im-curious-about-Blue-Cat-plugs-m2886368.aspx So another link to plugins that might help you is here...
http://www.meldaproduction.com/There are some great videos at MeldaProduction.com that show how to use their plugs.
In general, I have been slow to pick up plugins that analyze over time. I use my ears for that. It's a good way to learn (not the only way).