Correct. Basically how it works is have the toggle switch that controls the polarity of the motor (whether you want to go forwards or backwards)
Then the foot pedal is a basic push button (3 prong switch) With it pushed all the way down the motor will spin at its fastest, halfway will spin slower, etc. When the pedal is at rest nothing happens.
I believe the 3 prongs are just like any other toggle (Power, Accessory, Ground) I am thinking about that correctly? And the accessory would be the motor positive?