yes... you should get the same levels both ways. You HAVE to have a track ready for recording (make sure the red record button is clicked/highlighted), and when you select the option of "monitor record levels", the meters should begin to work. I am not talking actual recording now...just setting levels before you start. For some reason I am unable to have it as a default, and always have to click the option when I want to see the meters. Once you DO start recording, the option then goes away, but you should be able to see the levels you are getting by looking at the waveform as it is created, as the meters aren't showing the incoming at that point for some silly reason.