Is dynamic control automation in Ableton possible ?

[misfit]

In FLStudio there is a built-in FX plugin called "Peak Controller" which is capturing concrete channel's signal amplitude. Captured amplitude wave can be modified in realtime (for e.x. boosted, shaped and etc).
The concept of dynamic automation in FLStudio is: every control (fader, knob and etc.) in any FX/Instrument plugin in FLStudio (the trick is valid in third-party plugins either) can be dynamicly modulated (modified) by linking it's automation to "Peak Controller" plugin in realtime.
So every knob/fader's automation can be modified dynamically, not only by drawing static automation envelope, but it can be modulated/automated by any incoming wave source (instrument/fx or etc).
I found this feature extremely useful on creating some interesting, unpredictable sound. The capabilities are really huge.

I did not find any workarounds of this trick in Ableton, am i missing something ? Is dynamic control automation in Ableton possible ?

[animus]

Very possible with max for live, and much, much more. There are ways to make a macro follow pretty much any parameter you can imagine... envelope, midi notes, even video.

[Mage2k]

This is exactly what the M4L Envelope Follower you get with Live 9 Suite is for.