In FMOD there is no concept of “game objects” or distinction of event scopes (game object/global). Trying to replicate your behaviour 1:1 as in Wwise will not work. I don’t think it’s possible to do what you want directly from Studio.
E.g. if I play a land sound, I’d like to duck the footstep sounds for that character briefly.
The simplest solution is to use a local parameter in your “Footstep” event and set it at runtime to a value for the specific EventInstance when you play the “Land” sound. (Do your ducking modulation with the parameter).