There will also be a difference on anything but a steady state carrier unless 
the P3 is in 'peak' display mode.  An averaged SSB signal will show a lower 
reading on the P3 than the S-meter, for example. 

Grant/NQ5T

Sent from my iPhone

On May 6, 2011, at 9:45 AM, n...@n5ge.com wrote:

> 
> Good Morning Jim,
> 
> First, go to the Elecraft web site and verify that you have the latest version
> of the firmware for the K3 and P3.  If you don't have it installed, install 
> it.
> 
> You do need to calibrate the P3 and the K3 S-Meters.  To do this you will need
> an XG1, XG2 or XG3.  
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