Hi Kevin,
Of course your rectifiers cause a voltage loss in your power supply circuit. But it has nothing to do with high impedance nor peak-to-peak.
The rectifiers conduct a very high current briefly while charging the filter capacitor. The rectifier current is limited only by transformer winding resistance and other wiring resistance. Since the rectifiers conduct only at the peak of the transformer's sine-wave, their current is 10 times or more the output current of the power supply.
We tend to think that a silicon diode has a conducting voltage drop of about 0.7V. But that is only with a low current. A 1N400x rectifier is spec'd to have a maximum voltage drop of 1.1V at 1A. Its voltage drop is much more with a peak capacitor-charging-current of 10A.
If your rectifier is a full-wave-bridge, then there are 2 rectifier voltage drops in series, causing double the voltage loss, which could total 2.6V!
The datasheet for a 1N400x rectifier shows a curve for "typical" voltage drops at different currents. The guaranteed maximum is not shown. The datasheet is here:
http://www.fairchildsemi.com/ds/1N/1N4007.pdf