I'm not satisfied with the answer, which means either you misunderstood my question, or I'm missing some detail that you take for granted. I'm certainly not that interested in the time component of the biggest drawdown. But, I want to know what is its value expressed in percentage.

Let me rephrase the question. If performance report says that max drawdown is 9%, can I trust that there certainly was no 10% drawdown at any point in time that the backtest covers?

IOW, are the dollar value and percentage (of max drawdown) in the report independently calculated? And thus can refer to 2 distinct points in time, one when there was biggest drawdown in absolute terms, and the other when the dollar value was smaller, but equity dropped by a bigger percentage?

Maybe an example is in order again:

1)
Eq peak: $1200
Eq valley: $1080

2) (later)
Eq peak: $12000
Eq valley: $11400

Drawdown 1) is $120, 10%
Drawdown 2) is $600, 5%

Obviously max drawdown in dollars is $600, but percentage-wise max drawdown is not 5% but 10%! What numbers would performance report show in the above example?

a) $120/10%
b) $600/5%
c) $120/10%