When Wave is not connected to Softwave, it's in a mode called Standalone mode. You can configure this mode using Softwave's Standalone mode editor.
The standalone mode editor can be accessed by clicking this icon.
Wave supports up to 24 presets in Standalone mode. When you make changes in the standalone mode editor, the changes are saved immediately to Wave. The preset configuration is exactly the same as in the main view, the only difference being that the main view presets do not get saved to Wave.