Aquí pongo esta información que he conseguido en el foro de JRiver:

But convolution can do frequency response correction too (it's just not a capability unique to it), and in audio, it's often used as the output of automated room correction software like Acourate or Audiolense (or the one you're already using REW). The idea being that after taking appropriate measurements of your speakers in your room, the software then generates a frequency response and phase correction FIR filter which is applied in real time by a convolution engine. It sounds like you're already working with the frequency response side of REW; convolution would just get you the phase correction as well.