The thing that makes it hard to give a good answer is the way the meters react. There are two things you want to avoid when recording, distorting the preamp, interface, etc... (the analog signal path leading up to the converters AND clipping the converters.
It is easy to avoid clipping the converters because all the meters in the DAWs are peak meters. As long as you don't hit zero, you haven't clipped the converter.
Distorting the analog path on the way to the converters is a little harder to detect, because that is more likely to happen due to high level sustained signal than occasional peaks. However, the high level sustained signal that is starting to strain the analog path can happen at a level lower than it takes to clip the converters.
In the past, VU meters more or less measured the average level of the signal, ignoring the quick little peaks, so that you had a decent idea of how close you were to a nominal line level signal. Even at that, things like drums would need to be recorded at a lower level on the meters because the sustain is so short that the meters would not accurately read the level.
Setting recording levels and reading level meters has always been a little mix of art and science.
All that said, what you are trying to do is record a line level signal. With a peaking meter, you have to look at the level of an average volume sustained note to get an idea of the level.
To add to the confusion, different interfaces are calibrated to different levels. Sometimes a line level input will give you -12dbfs, sometimes it will give you -22dbfs on the meters in the DAW. It depends on the interface. The good news is, close enough is good enough.
If you don't know how your interface is calibrated, the 'rule of thumb' is -18dbfs is line level. Find a sustained note and set the recording level to that and you should be good. Of course, keep an eye on the meters to make sure you don't clip. Don't worry about not getting anywhere close to the top of the meter. Some instruments will, some won't. It depends on the transient content of the instrument.