I don't usually post to plug a piece of software or hardware here, but this one is so essential to all of us here I felt I had to give it a mention.
http://www.masterpinguin.de
Go to "Software" and treat yourself to a copy of the Surround meters - PG-SM.
This really does have everything you could ever want in a surround meter.
Basic features include metering options scaled to either VU (0dB), K-20, K-14 or K-12.
Full correlation metering with every possible 2 channel combination of the 5 main channels
Various different Pentagon views, including a user defined option.
There is also a high resolution addon giving up to 24/96 resolution, and best of all there is now a proper loudness meter with all the various LEQ(x) settings, with both the LEQ(m) options for DD and DSR, and others, which allows you to meter the true average loudness of a track - an absolute must for any cinematic work. It is not fully Dolby Certified (this would quadruple the price) but is very very close to the Dolby 737 hardware - the only thing missing is a clip indicator which may well end up in the meters anyway.
I really cannot recommend this meter highly enough - and the only downside I can see with it is that when using ASIO host mode, you have to use a fixed ASIO buffer size of 512 samples.
All in all, if you are doing serious surround - you NEED this tool.