Sort of.

As I understand what you are saying, the MS ecu gets an rpm signal, and from that and the VE table, determines the actual air amount pumped in, and based on the afr target table, injects the correct fuel volume to meet that afr target. At 100% VE, the air quantity would be the swept volume of the cylinder, so I would assume your VE table has values ranging from maybe .6 to about 1.2 (the latter for a forced induction engine)? Are you running a mass air sensor, or are you strictly speed/density with a 2bar map sensor? Using a VE table tells me speed/density...