The Pioneer Venus Orbiter (PVO) logN‐log Pdistribution follows a −3/2 power law for over a factor of 30 in intensity, which is inconsistent with Gamma‐Ray Bursts from large redshifts. We develop log N‐log Pmodels suitable for cosmological gamma‐ray bursts. The PVO data is best fit with a standard candle peak luminosity of 2×1050erg/sec with 3×104events/yr within a Hubble distance. However, non‐cosmological models fit nearly as well (L0≪1050). A luminosity of 1052erg/sec fits at a 3&sgr; level and is, therefore, a maximum upper limit allowed by the PVO data. This upper limit is roughly equal to other reported lower limits. The BATSE event rate combined with the PVO limits imply that evolution with epoch must be occurring.