Well, yes and no. You DON'T select the Mic as a source. You select the player as the source, and then select the test tracks as a playlist, in the order they are to be played by the AEQ. It's obvious from the names - low to high frequency. You then kick off Auto EQ and it will play them back.

As a word of caution, make SURE your gain is set to between -25 and -15 dBA on the volume control otherwise you risk both your amp & speakers along with your hearing. And no, I'm not joking.