Sorry for not replying sooner. Yes, that is the gist of what I was suggesting. This is mainly because of a wrinkle in the Studio One DAW.
Without going into too much detail, Studio One doesn't let you work with SysEx MIDI messages, which Yamaha (and other keyboard makers) use for things like selecting which Reverb Type, Chorus Type, and DSP Type to use, as well as other things. Studio One is not alone in this-- Ableton Live is the same way, as well as Acoustica Mixcraft (which is my personal favorite DAW).
What this means is you will want to play back the MIDI on your keyboard, rather than transferring it into Studio One and then playing it back from there. (The only reason I mention transferring the MIDI into a DAW to be played back from there is because in most DAWs it is very simple to "solo" a particular track, meaning to mute all of the other tracks except for the one you want to work on.) So you will want to play back the MIDI recording on your keyboard and use the controls and functions on your keyboard to mute all of the tracks (or channels) except for the specific one whose audio you want to record in the DAW.
I do not have any of the PSR-S models, so I'm not very familiar with their controls. Which model do you have, so I can look at its manuals to see?