Make a copy of your normal VLC Shortcut and paste this into it's Target under Properties and customize according to you're system and setup.
"C:\Program Files\VideoLAN\VLC\vlc.exe" dshow:// :dshow-vdev="Game Capture HD60 S (Video) (#01)" :dshow-adev="Game Capture HD60 S (Audio) (#01)" :dshow-aspect-ratio="16:9" :dshow-audio-samplerate=48000 :dshow-audio-channels=2 :live-caching=0 :dshow-fps=60
This was configured for VLC 64 bit on Windows 10.
You're VLC Location(C:\Program Files\VideoLAN\VLC\vlc.exe
) and Elgato Device Name(Game Capture HD60 S
) may be different.
These options are also configured for a PS4 Pro so you may need to tweak your audio sample rate to match the device otherwise you may get audio problems/distortion.
You can find full options for VLC's command line interface and URL Schemes here
@ca4ti What's the exact model?