Not sure which Wavelab older version you’re on, but if it’s Wavelab 6:
The blue clickable area where “wave (pcm)/stereo/44100hx/16 bit” appears is either the parameters selected if there’s no preset with those exact parameters (as in this case), or it’s the name of a preset. If in your case that entire blue link is replaced by ONLY “Wave (Microsoft)”, then there must be a preset called “Wave (Microsoft)” that you created at one time (because it’s not a factory preset). Normally “Wave (Microsoft)” alone only appears in File Format, not as the name of a factory preset.
If I were you I would set the parameters as I want and save a preset with a new name, and leave it that way. But if there’s another preset with those exact parameters, the other preset name might appear in the blue link instead. But it shouldn’t matter because the parameters are identical, and you can delete the other preset if you want to, to not have its name appear.
Things were like this in Wavelab 6, and they’re still the same in Wavelab 8.