Phase corrected equalizer

"Phase corrected equalizer", does anybody know how does this technically work?

I use my shure E4's (flat settings) and for some songs PCE set to 1 does miracles. It adds depth somehow. I have figured out it boost frequencys at 2.5-5kHz by playing with EQ, it creates similar effect at those frequencys but this PCE does something even more (thought it increases hiss..).

I wonder if similar effect will be reachable with EQ.

Phase Corrected Equalizer

Please search before starting a thread, it's appreciated.