There are two quantities that matter: peak and quasi-peak. Peak is simply peak, ever, and observes the worst case output of your system. This is important to EMC, as peaky signals cause impulsive interference with radio systems, particularly AM type communications. Quasi-peak is a strange one, but it has the same rationale: a fast rise time and a slow decay time, suggestive of the detector or AVC circuits in radios. The decay time constant is something long like 250ms, so that a pulse repeating less than 250ms (i.e., >4Hz) will largely read as peak, even though its average value may be low. The attack time (250us or 1ms, something around there -- I forget exactly) means that pulse durations substantially shorter than this will read as less than peak.
Tim