I have the same sight, and I'm having difficulty trying to picture how you cannot see either the ring or the level through your peep sight. Most likely, one of two different scenarios could be true:

1) Your peep is not fully aligning properly. If it's off a degree or two, you will still be able to see through the peep, but you won't be able to see fully or clearly. If you installed the peep at the same time you got either a new bow or new string/cables, your string will creep and change the rotation of the peep. I'm guessing this is what you've got; or

2) You have an extremely small diameter peep, like those used for target shooting. Even with a small diameter peep, you should be able to see the whole sight, but this is a possibility. I have a full 1/4" peep site, and have used this size for many years.

Hope this helps.

MOCraig