The only way is to establish a temporary connection with each lobby owner (you can add an extra function to the DLL or just steam_lobby_set_data it so that you can retrieve it later) and exchange a few packets to figure out the latency.
Ooh I understand, I wouldn't mind showing the ping once inside the lobby, I think it would be better that way.. so for doing inside the lobby i need to use "steam_lobby_set_data" right?
In what event would you measure the time since the last packet? I am having an issue where since I'm making that calculation in Step, my ping is always a multiple of room speed.