The normal VLC media player does not support foot pedals by default. To use a foot pedal such as the Olympus RS31H with VLC, you need additional software such as VLC Foot Pedal, which enables compatibility.
Yes, it is possible to use this foot pedal for transcribing recordings in VLC Media Player. The pedal supports the assignment of keyboard shortcuts and multimedia keys, which makes it possible to use it with various software applications as long as they can be controlled via keyboard shortcuts. However, you must ensure that VLC Media Player offers the desired functions via keyboard shortcuts and use the Olympus Foot Switch Configuration Tool to configure the pedals accordingly.