S/PDIF is not Dolby Digital or DTS. It is decoded matrixed sound. When you have a DVD player or reciever with DD or DTS decoders, it takes the raw signal and converts it into S/PDIF.
There really no DD or DTS ENcoders out there. The only way to pass non-decoded audio to the reciever is by watching a movie or listening to music already encoded in DD or DTS and setting the audio cards digital output to bitstream instead of PCM. That will pass raw signal and let the reciever sort it out.
Are you trying to watch movies or trying to listen to music? If you are trying to listen to music, then you are trying to distribute 2 channels of audio into 5.1. To do this you need to set your reciever to run Dolby ProLogic II or an equivelant. If you read the user guide in your reciever, it will tell you what audio modes activate which speakers.
I just read the product specs for that card and you can enable bitstream transfer. You want to do this. You want all of the sound processing to take place with the unit driving the speakers. So enable bitstream output on your card, make sure your reciever is running in ProLogicII (for 2 channel stereo), and play with the reciever settings. Be carefull tho. If your reciever does not handle DTS and you watch a movie and turn on DTS while the card is in bitstream still, the noise you get out of your speakers may be harsh enough to damage them. This only happened in older systems, as most recievers now handle DTS, but I don't know how old yours is.
btw: what reciever is this we are talking about?