I don't know about the PSP meter, you need what's called a 'Reconstruction Meter.'
Try the SSL X-ISM meter if you want to experiment. Here's a pretty good explanation: Solid State Logic X-ISM Peak Meter at Kaos Audio
What Paul Frindle is talking about in his example is kind of specific to white noise, and while it's possible to have those 5dBr boosts, it's more likely they'll be smaller than that. It mostly applies to situations where there's a lot of energy near the filter point, like a mix with a lot of energy up near 20k. When it gets filtered by the DAC in a CD player for instance, the lower frequencies can peak above 0dBFS, which in some players will result in distortion and clipping.
There's no reason to be anywhere near these levels when mixing. A qualified mastering engineer can get your mix up near 'commercial cd levels' while keeping an eye out for these distortion issues.