LIVE MODE is simply used to check which controls are assigned to parameters. For EXPRESSION control it will display a horizontal bargraph indicating the position of the expression device.
Below the controls tab we have a line displaying MIDI control change, if you set MIDI controller and V-DUE correctly the display will show the name of the parameter you are dealing with in real time.
Following line will display which preset number and name is actually selected. If preset is changed in real time, by pressing PARAMETER+ or PARAMETER- footswitches (they must be set inside SETTINGS menu), preset line will change accordingly.