Sorry to mention FCP again..... but there really are lots of converts..... so......
In FCP there is a function that runs a check on audio peaks hitting 0db and places markers on the sequence where it happens. It's useful for getting information on audio levels that need manual attention without having to watch the footage through while checking the meters.
Does PP have such a function? If so I can't find it! Yes, I know I can do a feature request, but thoughts I'd check here first!
Short of watching the meters, no. Audition (and maybe Soundbooth) might have something like this, though that's probably minimally useful within Premiere Pro.
If you want, you can just put in a "hard limit" with default settings.