Greetings!
The peak value VI gives you four outputs, actually: positive and negative peak values and the positive and negative peak "horizontal" locations. The locations are in data points, not actual time. To get the time, you have to calculate it from your sample rate. Also, the vi does indeed give you the absolute peak of a waveform, which, as you can guess, requires that the entire waveform is sampled BEFORE the calculation is made. This can slow down real-time sampling, since there is considerable processing involved in calculating the peak value...you need to keep this in mind when designing your application. To answer your last question, you will obtain ONE reading per trigger.
Hope this helps!
Eric
Eric P. Nichols
P.O. Box 56235
North Pole, AK 99705