Another way you can do it is to use VEP7 automation mapping, and then you can have an automation lane in LPX that connects to the fader in VEP7 for any channel you want. But you have to manually setup the automation mapping for that. It ends up looking like this in LPX:
PS - one of the advantages of using environment multi-instruments as the wrapper around the mixer channels...as suggested by others, is that then the track fader actually effects CC7 and you can automate CC7 as a track lane, ends up looking like this:
Pros and cons either way. When you set it up with the midi multi-instruments then you have more direct access to the CC7 controller of the instrument on the channel, but you lose access from the track lanes there in LPX to the non-midi mappable automation as described above, such as the VEP mixer fader or other non-midi parameters within your instrument.
Also notice if you look carefully, the volume fader in VEP7, has MUCH more resolution then CC7. CC7 only has 128 possible values, while the VEP7 mixer fader has more resolution and is represented as an actual DB value in steps of .1 DB from -69.1 to +6 db, so that is something like 700-800 possible volume level values., rather than meaningless CC7 values from 0-127
confused yet?
My preference is to map to the VEP7 mixer fader using the automation mapping. If you want to actually automate the CC7 controller of the instrument beyond that (and sometimes you very well might do both), do it in the piano roll or step editor section of LPX, rather then in a track lane.