PeterCharles,
Based on my work with tool steels, I can say that, although they are related, we never treated hardness and wear resistance in the same manner. So quick answer, with ANY steel, hardness does not equal wear resistance. With that said, please read on.
Typically, the first property addressed was toughness, or resistance to breaking. As you're not noticing a problem with connecting pins breaking, the toughness of the materials you're using is sufficient.
Next, we would address hardness, or resistance to deformation. This is typically confused with wear resistance. In the case of punches or dies, which I have more experience with, mushrooming is a common ailment when the hardness is less than required. The same material can be used with different heat treatment to increase hardness, but one must realize that in doing so, you'll *almost* always give up toughness.
Breaking and deformation are unpredictable failure methods. If you have a tool (or part) that breaks or deforms, you need to specify a new material (or heat treatment) to address the lack of toughness or hardness respectively.
After you have a material that doesn't break or deform through normal use, you address the issue of wear resistance. Unlike breaking or deformation, wear IS a predictable failure method.
As metengr and TVP stated, the "normal" steels have some type of carbide that is *hopefully* uniformly distributed throughout the matrix. Precipitation hardening steels have an intermetallic phase that is again, *hopefully* uniformly distributed throughout the matrix. However, the PH steel's intermetallic "particles" usually DO NOT have the same hardness as normal steel's carbide particle "counterparts".
Traditionally, when the primary failure mode is actual wear and not deformation, the solution employed is to go to a steel with a harder carbide. Carbide hardness increases from chromium to molybdenum, tungsten, and finally vanadium (vanadium carbide would have a Rc of 80+ if the scale went there). Not changing the type of carbide former, but increasing the percentage of carbon and carbide former will also increase the wear resistance as the volume percent of carbide increases.
With respect to actual wear resistance and not deformation, I do not know of any PH steels that will out perform a "normal" carbide containing steel. However, if your failure method is deformation, a PH steel treated to a higher hardness may outperform a "normal" steel.
I realize I haven't really answered your question, but I wanted to share my thoughts on wear resistance. Hope it helps, and sorry for the long post.