There are no different steps for getting PowerStore up and running on a live or local server.
So you have MySQL running locally? How do you connect to your MySQL server for administering it? You will need to use the same set of credentials to setup the PowerStore here.
The error returned it telling you that it could not connect, so it might be the hostname is not correct or that the username password combo are not good. If you can connect locally to the db then the same values will work in here.
Here are some guides we have for this type of setup:
Setting up the testing server:
defining the site in DW: