[Mitchel]

I have this too. Seems to be a GUI bug. If you hold down control, option,command (Mac) whilst clicking on the plug with your mouse it gives two options one to "Enable automation for" ... (depending where you have clicked on the waves plug, could be knob for attack or release etc). Or "Open plug-in Automation dialog".
If you hold down C,O,C again whilst clicking with your mouse "Disable Automation for.....is displayed. Usually if disable is initiated the red goes. However it does not. Therefore I think its a bug with only Waves plugs as these commands work fine on all my other plugs.