I think we have to seperate the Peoplesoft side and Automic side - from Automic side we only can improve the agent side.
So if Your Peoplesoft system goes down - no matter how many agents run- automic has no influence on that and no possibility to recover it or react on it.
BTW: If that happens, the agent will keep running and the jobs will not get executed.
A far as I know (I am no peoplesoft Pro) some guys check the availability of the system by running a dummy job - if this runs fine the system is exspected as online and available)
Haus suggestion was for the scenario that the peoplesoft Agent is down.
The usage of 2 agents in an agent group is a common trick in productive important environments.
general hint:
you can check the availability (active/not active state) of an agent with script command: SYS_HOST_ALIVE in Prescript.
http://docs.automic.com/documentation/AE/11.2/english/AE_WEBHELP/help.htm?product=undefined#ucaapy.htm?Highlight=sys_host_alive