Yes, that's where it is stored.
The PDATA fields contain 'magic' data that EA uses for its own nefarious purposes. This is stuff that's been tacked on as EA evolves, and doesn't fit into the schema, which has not changed since EA 4.0.
So, the solution, then the caution. [Read them both, lest strange results be visited upon you.]
Yes, you can open the EA model via automation. You can do so while EA is running in the foreground on the desktop, or in the background as an invisible COM server. Call the Repository.ConnectionString to get the connection string EA is currently using. [Professional and Corporate editions of EA open models in shared access mode. If you write your own connection string (as I do) make sure you don't open the model in exclusive mode if you want to share it with an EA instance.]
The caution is that EA is also using these fields. What EA puts in these fields is mostly undocumented (thus 'magic'). Be very careful with them if you intend to change anything. Most of the time these are formatted strings, with different sections separated by a trailing semicolon. But this is not guaranteed, so inspect carefully before writing your data. Only modify the part you need, and leave the rest of the entries just as they are.
Finally, EA can change how these fields are used at any time. Make sure to test after each build - though you'll likely be OK if you followed the directions above and the release notes don't indicate any related functionality has been added, changed, or removed. Make absolutely sure to test fully after any version (major or minor) change!
HTH, David