I guess it depends on what component you're checking and the year of the ATV. Most of the newer Honda models call for peak voltage checks in the service manuals. The tests and checks in the service manual for the older models are all done with ohmmeters and voltmeters or pretty much any multimeter.
You could do the tests on the newer models with a multimeter, but the only problem is, the service manual don't list the specs for doing the tests with the multimeter. It just lists the specs for the peak voltage tester.
I think some multimeters have peak voltage testers, but most don't. I have two multimeters and neither have a peak voltage tester. You can buy a stand alone peak voltage tester or you can buy a peak voltage tester adapter that works with your multimeter.