Belt slip is almost always very apparent when graphed thru the run. I dealt with this exact problem recently on an 06 mustang with a magnacharger. We dropped a pulley size and with the standard belt the boost graph looked like it was made by crayola.
Interesting... so the belt was slipping but you didn't notice the distinct belt squeal? I suppose b/c the engine was blowing and going but I would have assumed you'd hear it over that.
I still don't think my belt is slipping but I guess I might not hear it.
I was wrong, my apologies.
I posted a graph of my dyno run with the boost attached. I never put up the boost from my baseline but I will do that now.