I think what you are looking for has changed in 6.5 and its a little easier.
In your Track list in the Sequencer window look just above the Block automation track.
You'll see "Lanes" "+" and a button that looks like a funny square wave.. if you mouse over it for a second it will show "Track parameter automation" depending on the track you currently have selected clicking this will bring up the parameter options list for that device. You can select the parameters from that list like before depending what can be automated for that device. Also you can get the parameter you want by going to the device in the rack or mixer and right click on the knob/button/fader etc. and choose "Edit Automation" from the context menu.. and that specific parameter track will be created. I hope this helped. And what you were looking for.
AKA the OldschoolSkunk
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