Every tractor model and/or brand is different. But in general, the RPM where 540 RPM PTO speed is achieved is USUALLY not where peak HP is achieved. Sometimes it's quite a bit different. On one of my tractors, 540 rpm's on the pto is at 1700 engine rpm. Peak HP is at 2250 engine rpm. At pto speed, hp level is (according to some old specs I have) 15% less than peak HP. That isn't uncommon. Most farm tractors I've been around will have the 540 rpm pto speed marked in some manner on the tach. Also, you'll find a "do not exceed" mark for pto use that's a tad faster and closer to peak engine hp output.
In the end, this isn't rocket science. So long as the engine pulls the mower (or whatever pto load is) and it cuts like you'd expect, it isn't all that critical what rpm you run at. However, in about every case I've seen, mower performance, as well as engine performance is better when you operate at or near manufacturers suggested levels. There are exceptions to every rule. In tough conditions, I'll run at or near that peak rpm level.
It's always been my thinking that the people that designed and built my equipment may just know more about the subject than I. When they give me a suggestion on how to operate it, I listen. Until someone or something proves that wrong, I'll stick with what got me here.