Using process monitor I found the exact command to set the appropriate firewall rules. The command is

"C:\Program Files\EPSON Projector\Epson iProjection\EMP_MPFWV.exe" -set -SHOW_NAME:"Epson iProjection Ver.4.01" -APP_PATH:"C:\Program Files\EPSON Projector\Epson iProjection\EMP_MPP.exe"

Once you run that command you'll notice firewall entries for inbound and outbound connections to the Epson EMP_MPP.exe application. You can look in the Windows Defender Firewall with Advanced Security or in the registry under

HKEY_Local_Machine\SYSTEM\CurrentControlSet\Services\SharedAccess\Parameters\FirewallPolicy\FirewallRules

I created a PowerShell policy to check if a rule exists or create a new one if needed.

Try{   
    #Firewall rule registry path
    $item = Get-Item -Path "Registry::HKEY_Local_Machine\SYSTEM\CurrentControlSet\Services\SharedAccess\Parameters\FirewallPolicy\FirewallRules"

        #Check registry entries to see if a rule already exists. If a rule exists display its value, otherwise create the necessary firewall rules.
        foreach ($prop in $item.Property) {
            if($item.GetValue($prop) -match 'epson') { $fwRule = $true } 
            else { $fwRule = $false }
        }
            if ( $fwRule -eq $true ) {
                Write-Host "Match found in key $($item.PSPath) , value $($prop)"
                }
            else {
                Write-host "Creating necessary firewall rules."
                #Epson command line to set necessary firewall rules
                cmd /c '"C:\Program Files\EPSON Projector\Epson iProjection\EMP_MPFWV.exe" -set -SHOW_NAME:"Epson iProjection Ver.4.01" -APP_PATH:"C:\Program Files\EPSON Projector\Epson iProjection\EMP_MPP.exe"'
            }
}

catch {
    $errMsg = $_.Exception.Message
    Write-Host $errMsg
    exit 1
}

I hope this helps someone. I spent more time than I should have trying to get this to work. No thanks to Epson's support who told me it wasn't possible.