Which protocol are you using? If it's Winsock then it is possible (but a bit of a pain) - if you highlight the text in question and press F7 it will translate it for you (this is equivalent to Tools > EBCDIC translation).
It would probably be good to refer to the guide for creating scripts in Vugen. Pay particular attention to the parameterization and correlation sections. The code you have posted may require both. The key here is to use what Injector suggested along with tree view.