Zo's right about that, for a bus anyway. Zo usually is. But the immediate problem is specifically a bass track, and the peaks are almost certainly low-frequency and can be easily limited by a broadband limiter without impacting harmonics. I've used Pro-L for just this purpose, and it works great. I've even used it for leveling a rock vocal, and it worked surprisingly well for that, too.
My only caveat is that with bass it isn't always rogue peaks that are the problem, but often specific rogue notes. For that, a multi-band compressor or dynamic equalizer might indeed be better.