Add your ideas below 
Attachment 6977 not found.
Maybe a ghost meter of which you may change the reaction time, make it react slower measuring the average values over a specified period of time, or make it react more rapidly, showing a more accurate measuring of the fluctuations in amplitude. By ghost i was thinking something in the back, but it should be visible at lower values than the original meter indicator too.
Just a silly togught really, you asked for suggestions and this was the best i could come up with right now. 
A better suggestion may be though to skip the whole ghost thing and make the original meter reaction time adjustable.
Why not display at the bottom, on the horizontal axis when the device is large like in the case of the bus compressor, so you get a better resolution with a longer meter. Still zoomable like ffx says.
The meter could be a strip like the master meter of Renoise’s interface. (the one at the top…)
My most important feature to be added would be a TRUE PEAK feature,
I would like to be able to switch between peak, RMS, LUFS and different weight of k’s in LKFS and why not to have peak and another mode displayed simultaneously
http://www.tcelectronic.com/loudness/loudness-explained/
https://en.wikipedia.org/wiki/LKFS
I’d like to know how it’s possible to code some new native dsp devices and add them to Renoise. The community would be awesome on that side. (to avoid plenty of vst)
THe compressor needs a complete overhaul …starting with the basic code .
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Another idea:
Using main volume meter for any meter on mouse over
On mouse over a meter, Renoise could display the same meter in the large top volume meter, so you could see it in very large and much more detailed.