After some testing, I found that only the paid Rack Extension CMD Equation Math Module could achieve this. You can find it here:
https://www.reasonstudios.com/shop/rack ... th-module/
I also tried using native Reason devices like Thor, but the peaks remained an issue. The free KHS Rack Extension for ring modulation added unnecessary latency and still caused peaks over 0 dB. Using the CMD Math Module, I was finally able to create a functional Combinator Patch that works perfectly.
There was already some discussion about Ring Mod Sidechain in this thread:
viewtopic.php?t=7527472
To show exactly how my combinator patch works, I’ve created a video. Check it out here:
Download Patch: