Yes a high shelf is what you want to use to simulate a treble tone control; most traditional treble or bass tone control knobs are just very low Q shelving filters.
Have a look at these graphs of two relatively high Q shelving filters:
https://en.wikipedia.org/wiki/File:Shelving-eq.svg, look particularly at the blue trace on that graph (which is a high shelf filter). You can see that the graph of the shelf response can be divided into three "areas": 1) the frequencies below which the shelf has no effect (from DC to about 1KHz), 2) the transition band where the shelf adds increasing amounts of boost (between 1KHz and about 12KHz), and 3) the area above the transition band where no additional boost is added (from 12KHz on up). The
frequency in JRiver is the exact middle of the transition band (3.5KHz-ish in this example). The effective top and bottom of a given shelf's transition band will vary depending on the Q and, to some extent, the amount of boost or cut being applied.
Now, have a look at figure three of this article by Rod Elliot; it shows the frequency response of a conventional bass and treble tone control circuit:
http://sound.westhost.com/project94.htm . The graphic on Rod's article requires a little explanation. It shows both a bass and a treble tone control, because we're just talking about treble control, just focus on the right-hand side of Rod's graph (i.e. above 800Hz). The different colored lines represent differing amounts of boost (as though you were turning the tone control knob up), but the Q for each line is the same.
With that context, you can see that the treble tone control circuit is just a very gradual shelf (meaning it has a low
Q). It starts rising around 800Hz, and it only finishes it's transition outside of the audio band entirely around 50KHz. The tone control curve has the same shape as the shelves illustrated on the wiki, but because of the low Q it takes many more octaves to finish its rise. For that reason, if you were looking at a graph of the tone control response that only showed the response between 800Hz and 20KHz, you might get the impression that the response just never stopped rising, but that's not so.
To approximate Rod Elliot's tone control, I'd probably set the JRiver frequency to 4KHz or 5KHz, set the Q pretty low to start (maybe .25 or .3) and then experiment with dB. You can get a rough idea of what it's doing by turning off all other DSP, and then watching the DSP analyzer while playing JRiver's built in pink noise test tones (but keep in mind that that will be a very rough approximation, modelling software is a better bet to really see what's going on).
It can be hard to sort out what's happening with PEQ because there's no native graphical representation of what's going on, and I've been sporadically bugging the devs about it for a little while, but I think it's pretty far down on the to do list. Now that DSP presets can be saved (and presumably parsed where-ever they are) I might just break down and write (or port) a graphing VST plugin (but it won't be anytime soon).