Some depth can be modeled with phase control. By controlling the phase of a signal compared to another you can create a perceived time delay which makes it appear as though one performer is behind another. I'd also add that this is much easier to do with low frequencies (bass player) due to the wavelength being so long. At 49hz (G1 on a bass guitar) the acoustical wavelength is ~6.9 meters which means even small phase shifts (time delays) can create meaningful depth. This approach is pretty useless at higher frequencies as the time delay (and depth) achievable gets very small.

There are other ways to do this via more complex 3D acoustical modeling. Mostly focusing on modeling of reverberation effects but you don't see that much in music recording. It is used a lot in games though.