One way to do exactly that in Elements 9.5 would be:
Process - Level - Maximum
Then with the Peak Master in the Master Section with Out Ceiling < 0, press the Render in Place button on the Peak Master.
Then, Process - Level - Maximum again.
You could try that then compare to the Goldwave result and adjust the Peak Master Out Ceiling and Softness as needed.
Probably best to work on a copy of the audio file if you don’t want to render.