is correct but instead of using a knot on the end of the FLS ( thick red line) just connect the front line to the FLS lines loop to loop. That should still stop it from going through the ring and make it smoother when releasing. If it some how doesn't stop at the ring you can wrap some line through the ring till it is tight enough to stop the FLS/frontline join.
FLS's are simple, they use some thing to hold the the front line from go to the kite but allow it to freely move towards the kiter. Often it is a combination of a ring that stops a ball with a hole in the ball that stops the line. With a small ring like supplied with the pansh bar, a ball is unnecessary.