Of course you can. That's what True Peak metering is for. True Peak metering uses oversampling to "fill in the gaps" in the sample stream so that you can know exactly where ISPs are.
The tough part would be predicting where ISPs are going to be before digitizing a signal. With a predictable signal, I guess you could time the sampling so that the individual samples end up exactly where you want them to be.
What I mean is, in a lab, you can replicate results with 100% consistency.
That value is the result of a test done with a perfectly consistent periodic signal like a sine wave, not with actual audio material. If we only ever listened to sine waves, then sure, 4x would be fine. In fact, we could just calculate the exact value of peaks and we wouldn't need True Peak metering at all.
From the
Recommendation ITU-R BS.1770-5 document:
“For continuous pure tones it is easy to demonstrate, for example, a 3 dB under-read for an unfortunately-phased tone at a quarter of the sampling frequency.
The under-read for a tone at half the sampling frequency could be almost infinite; however most digital audio signals do not contain significant energy at this frequency (because it is largely excluded by anti-aliasing filters at the point of D/A conversion and because ‘real’ sounds are not usually dominated by continuous high frequencies).”
We're talking edge cases, but cases nonetheless.