1) Update the configuration.properties file.

2) Open Command Prompt, navigate to PS_HOMEbinclientwinx86 and enter:
PSEMAgentService /install PS_HOMEPSEMAgent

3) In Control Panel > Administrative Tools > Services, a new service called PeopleSoft Environment Management Agent-8.46.xx appears.

4) Adjust the logon parameters by right-clicking the service and choosing Properties.

5) To uninstall the service, open Command Prompt and type:
PSEMAgentService /uninstall

Reference:
http://www.erpassociates.com/peoplesoft-corner-wiki/peoplesoft-administration/change-assistant.html