I think what he wants to do is use a voltage divider with a potiometer so that it can be used for different levels of inputs. From there, he wants to moniter it for its maximum (minimum too?) value and trigger something if it goes out of range.
I'd do it with an ADC. Set up a voltage divider with potentiometers and resistors, connect it to an ADC, and then let it run. You'll have to find out what the maximum impedance is for the ADC, and if the AC line goes below ground, come up with some kind of protection for that.... like a 1n4001 diode.
But I'm not familiar with pics so I can't offer anything more.