That should do the job.
On the MPC, make sure that your settings are right. (SOFT THRU: AS TRACK, then on the MAIN SCREEN pick a track and set MIDI to 1A). Whatever track you pick, that's the one you will use to play your VST from your keyboard and/or pads. In the DAW, set the VST to receive MIDI from MIDI channel 1 on the correct port. It varies from DAW to DAW how to do that.
the issue is, midi does not transmit audio at all... so having the monitors only hooked to the mpc will only allow you to hear the stuff in the mpc.
you need to have the computer's sound also being connected to the monitors.
what I would suggest which is only possible if your particular audio interface allows for it is.. well you need to have the master outs (or what have you) from the mpc to the audio inputs (say 1/2) of the interface... the main outputs of the interface going to the studio monitors.
You can do it this way. This gives you the option of recording your MPC into your computer.
Or you can do it the opposite way, hook your computer's audio output into the MPC's audio input (turn on INPUT THRU monitoring on the MPC), and hook your speakers up to the MPC output. That way you can record or sample any of your VSTs into the MPC.
It depends on what you want to functionally be the centerpiece of your lab. Once you choose the centerpiece its basically:
DAW ->
MPC -> monitors
or
MPC ->
DAW -> monitors
But beware that computers have latency (a very small delay between playing something and hearing it. So if you're a hardware guy, you may get thrown off hearing your MPC delayed. Many soundcards have a way around that (called input through monitoring or no latency monitoring which basically passes whatever is at its inputs directly to its outputs) but that is an additional layer of complexity.
It can all be confusing at first, but just try to develop a mental image of where you want which signals (MIDI/audio) to go, make the relevant connections as you see them in your head, adjust the settings/options accordingly, and come back here with any headscratchers.