I don't have S-Gear, although I should, so I can't test this. However, I can't think of any reason that a plug-in would affect the waveform that is drawn on a track.
Are you saying that if you remove S-Gear from the EFX bin the waveform draws correctly or are you saying that if you record when S-Gear is being used on the track that the waveform doesn't get drawn?
You can click on the clip and there should be an option to re-draw waveforms.