IIRC, I suspect most of the references you're seeing listed for the AN/PEQ-4 are erroneously designated and referring to the AN/PAQ-4C, the only references I can find for an AN/PEQ-4 look completely different:
http://www.knesekguns.com/commercial/m33/Insight-Technology/p284/AN/PEQ-4-Medium-Power-Laser-Illuminator-(MPLI)/product_info.html
Not sure what the difference in basis of issue for the AN/PEQ-4 is, but certainly doesn't look like it would be well suited to being top mounted on a conventionally configured M16/M4 like the PAQ-4C. I think a good bit of the confusion that's come around is the fact that while many troops consider the AN/PAQ-4C and AN/PEQ-2A to be functionally identical (nevermind that they're not... but I digress), and I've seen, even in official documents such things as: "PEK 4" and "PAQ-2" and more abortions of the proper designation, none of which is helped by the fact that the AN/PAQ-4 and AN/PAQ-4A look completely different from the AN/PAQ-4C.
http://www.globalsecurity.org/military/library/report/call/call_96-3_cpt3appd.htm
Near as I can tell, the designation "PEQ" designations an illumination system, while the "PAQ" refers to an aiming light only, however, then again, the Insight CVL is designated the AN/PEQ-5 when it only has a visible aiming light, and the EOTech 553 is designated the AN/SU-231 PEQ, so really, none of it makes any sense at all.
HTH,
~Augee