Converting MIDI => Instr. track?

I was speaking with a sound engineer and he told me something about how you can convert a finished(recorded) MIDI track and make it an Instrument track. Anyone heard of this?

I was able to copy the MIDI track, open up a blank instrument track and applied the same VST instrument, but how would I be able to also transfer the FX settings and automation attributed to that original MIDI track?

The reason I’m wanting to figure this out is so that I can send someone I’m collaborating with MIDI files that they can easily manipulate that includes the exact MIDI sounds that I hear on my end, without them having to worry about needing the same VST library that I’m using. Does that make sense? So basically, I’m trying to figure out the best way to send MIDI tracks to someone else who is using a third party DAW, so that they can easily import them with all the MIDI information identically audible + be able to tweak the MIDI notes as well. Thanks for any advice!

Not possible if they don’t have the same instrument and library.
I would send them the midi for editing and an audio render so they can hear what you’re hearing for reference