Is this safe around pets? (Obviously my pet will not be eating it or getting near it) but can they be in the Vicinity?

Yes, but you need to allow it to dry before reintroducing pets into the area.

We appreciate your interest in Ortho Home Defense Insect Killer For Indoor and Perimeter. As long as you use this product according to label directions it will pose no health risk to either you or your pets. We only recommend keeping everyone out of the area until it has dried. If you have any questions or would like further assistance, please contact us at http://tinyurl.com/npw4xxd and one of our representatives would be glad to assist you.