Mike,
I must agree that even if we knew e x a c t l y what's going on during singing (and obviously we still don't know everything) we would still have the problem of figuring out how to teach ourselves and our pupils how our/their sensations relate to what's going on. I'm not a voice teacher yet, but this aspect seems to me part of the fun of being a voice teacher :).
When it comes to 'placement' (meaning the sensations that go along with resonance adjustments), I had some success on my on voice using Spectrography, more specifically the (freeware) VoceVista program. Although the sensations may differ between individuals, the power spectrum gives some objective clues about what it is you're doing with your vocal tract. You can then link that objective information to your individual sensation.
Wim
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