If you raise your peep, your POI should move down.

When it comes to setting the peep height, the best way to do it is to close your eyes and draw to anchor. When you open your eyes, you should be looking right through the peep. Move the peep up or down until this is the case. Don't concern yourself with a POI change. Having the peep in the correct position will help your shot consistency. You can always gang adjust your pins down if need be.