The short answer is it doesn't, it's broken and only controls the first module in the ProChannel which if it is the EQ is great but not so good if it isn't. That's assuming you have the Producer version. You may have to make some adjustments to your mackiecontrol ini file though.
Details on how to do that can be found
HERE I don't know ('cos I have producer) but if you have the studio version it should still control the track EQ as long as it is still the Sonitus EQ which is what it used to be in the Producer version.
There's a whole thread on the various 'issues'
HERE