Opinions vary. I believe it needs to be higher than the spillover of the lowest appliance so it doesn't reduce flood resistance of the property.    However some say it must be higher than the spillover for the highest appliance for the same reason! That doesn't make sense to me.   There are also "Type A" AAV that can be installed below the spill over level. Think they are rated for higher back pressures to keep water out in event of a flood.