Apple Using WaveBurner Logic Pro 7.1 - Manual (Page 39)

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Level Meter
The Level Meter displays the volume level for both the left and right channels of a
stereo signal. The two blue bars of the Level Meter show the current level on a
logarithmic scale. If the level is higher than 0 dB, the portion of the bar above the 0 dB
point turns red. The current peak values are displayed as numerical dB values above the
level meter. You reset the values by clicking in the graphic display.
While the separate Level Meter plug-in can display levels using either Peak or RMS
response, the Level Meter section of the MultiMeter shows Peak and RMS values
simultaneously. The RMS level is represented by a dark blue bar while the peak level is
light blue in color.
Correlation Meter
The Correlation meter displays the phase relationship of a stereo signal. A correlation of
+1 (plus one, the far right position) means that the left and right channels “correlate”
100% (they are completely in phase). A correlation of 0 (zero, the center position)
indicates the widest permissible left/right divergence, often audible as an extremely
wide stereo effect. Correlation values less than zero indicate that out-of-phase material
is present, which can lead to phase cancellations if the stereo signal is combined into a
monaural signal.