How to emulate a dynamic eq?

For a while now I've been aware of dynamic eq's. I've done some reading on them and can kind of understand the thinking behind them. I've also done some reading on trying to emulate one with separate plugins (eq/compressor/multiband splitter like the Blue Cat MB7-2) but am getting confused in trying to put it all together and understand the concept and how to set the controls. Does anybody have a reference or website they can point me to that really explains this and how to do what I want?

Most things audio-wise I can figure out but this one - not so much.

This all presupposes that dynamic eq's are not snake oil ;)

How to emulate a dynamic eq?