A signal processing system according to various aspects of the present invention includes an excursion signal generator, a scaling system and a filter system. The excursion signal generator identifies a peak portion of a signal that exceeds a threshold and generates a corresponding excursion signal. The scaling system applies a real scale factor to contiguous sets of excursion samples in order to optimize peak-reduction performance. The filter system filters the excursion signal to remove unwanted frequency components from the excursion signal. The filtered excursion signal may then be subtracted from a delayed version of the original signal to reduce the peak. The signal processing system may also control power consumption by adjusting the threshold. The signal processing system may additionally adjust the scale of the excursion signal and/or individual channel signals, such as to meet constraints on channel noise and output spectrum, or to optimize peak reduction. The magnitude threshold, excursion signal and/or individual channel signals may also be adaptively adjusted based on, for example, a channel signal quality such as a noise level specification.