An alternate approach to consider...
Split the audio track sequence just prior to and just after each portion that is too loud. This creates new clips within the track.
Select (highlight) all of those new clips.
Right-click the FX icon in any audio clip, then click EFFECTS. Click the large green + sign and choose the AMPLIFY effect.
Draw a graph with the animation editor that looks something like this. 
The lower the line the lower the volume. HELP for animation... http://help.nchsoftware.com/help/en/videopad/win/effects_animating.htm
If you want to apply this reduction to all the selected clips, click the 4th icon from the left on the toolbar. If you don't, the effect will be applied only to a single clip.
You can preview the result while the effects editor is open, so changes can be easily made by dragging the keyframe dots. The closer the dots - horizontally - the quicker the fade.
Using this method, the waveform monitor will not display the volume changes.