I just installed FactorLib 1.8.0.
Under the view menu you can select "edit console." This choice is greyed out unless you have a factor pedal tied into your computer via USB (or MIDI I suppose).
Anyway, the edit console shows you the factor knobs. If you "turn" them with the mouse the settings will change in the pedal along with the screen. You can save the altered preset file so it can be loaded back to the pedal later. I don't think you can change the algorithm with the edit console, just the parameters. It's a step toward a graphical computer-based editor.
I'd guess this only works for v3 firmware. I haven't seen this feature documented by Eventide.