Is this kind of automation possible?

Given a MIDI successfully imported into Cubase Elements 7, I want to modify the velocity of each note.

Instead of ‘clicking in’ the velocity of each note, or using drawing tools, I want to be able to actually re-play any note on a MIDI-connected digital piano, and have the velocity of that note overwrite my original note. I don’t want the new note value to overwrite the old note value. I just want the new note velocity to overwrite the old note velocity.

Is this possible?

Yes, in the Key Editor set up the Midi Input items like this:

This works completely! Thanks for the quick response. Note to others: The Key Editor means you have to double-click your note-set (it’s not the main window you see when you start up Cubase).

Follow-up question:

What you said works great, but when performing this velocity editing process by pressing any note on the keyboard, is there a way to hear the note as displayed on the key editor instead of the note I just pressed on the keyboard? It would make editing the velocity a bit more intuitive.

Glad to be of help. Please have a read in the manual so you can use the nomenclature that Cubase uses.

That’s different than what you asked about. I don’t know of a way to do that. Maybe someone else will chime in with an idea.

Go into your key editor as Steve suggested.
Solo the part if required.
Click on the little speaker icon next to it. When you click on a note, it plays.
Use your left & right arrow keys to move through the part. Each note will play.
In the info line above the notation, hold down Alt & click on velocity. Adjust the slider (or just double click & change the velocity).
In this way you can play the notes before & after with your arrow keys to see how your velocity is sounding in context with the other notes in your melody.
That also takes away the guesswork if your keyboard is velocity sensitive.
Hope that helps a bit.