When you purchased the application, the manufacturer should have provided the following items as well: 1 x RJ48-to-RJ48 cable and 1 x USB cable along with the installation KIT that contains the USB drivers as well.
Typically, what you're doing to connect is correct, but it appears that JDSU One Expert Handhelp Manager needs additional configuration. The IP requirement is when you want to sent content via the network, else the USB connection should be used by default.
If you still have the installation disk, insert it into the CD/DVD-ROM and consult the manuals to see what needs to be configured regarding PC and USB connection.