Edit: Sorry, forgot about your positional question. ELS has to be programmed with the number of pulses per revolution you have on the spindle. This can be used internally to create a once per revolution 'index pulse' or event to be used in place of true positional input from the spindle. As I said, inaccuracies will happen. If you had servos on both the spindle and leadscrew, you could use the positional feedback to logically tie two points in their respective rotational axis' to better simulate a mechanical drive train.