The Best Way - Elgato Chat Link
Starting November 4, 2015, Elgato Gaming has released the Chat Link cable.
This cable makes it very easy to record Game Audio and Chat Audio from the PlayStation 4 (PS4).
See this video and article for more information:
How do I use Chat Link with Elgato Game Capture HD?:
To record your own voice, connect a separate microphone to your computer:
How do I use Live Commentary?
What You Need if you don't use the Chat Link
1. A CTIA Y-Cable
You will need one like this:
But be careful - there are 2 different types of these Y-Cables named CTIA and OMTP.
What you need is the CTIA one.
2. Another Stereo Y-Cable
This cable will look similar to the CTIA Y-Cable.
The difference between both cables is the 3.5mm plug from the stereo Y-Cable has 3 segments, the CTIA has 4:
Another kind of splitter cable will also do the job:
3. A Stereo Y-Cable RCA to 3.5mm cable
4. The component adapter that shipped with the Elgato Game Capture HD
5. A Headset
For example, the Turtle Beach X11 with separate green and pink 3.5mm plugs. The green is for the headphones, and the pink for the microphone.
If your headset does not have a separate 3.5mm plug for the headphones and microphone, but instead only one combined 4 conductor 3.5mm plug for both, then you will need another adapter to split the microphone and headphone signals apart.
These are sometimes known as a "Headset Splitter".
Connect your 4 conductor 3.5mm plug from the headset to the adapter to the Headset Splitter to get separate microphone and headphone 3.5mm plugs.
6. A 2nd Mic to capture your voice for the recording with the Elgato Game Capture HD.
For example, a Blue Yeti USB mic.
How to Connect and Setup
1. Connect the CTIA Y-Cable to the PS4 controller.
2. Connect the pink 3.5mm plug (microphone plug) from the Headset to the pink jack of the CTIA Y-Cable.
3. Connect the Stereo Y-Cable to the green jack (headphone jack) of the CTIA Y-Cable.
4. Plug the green 3.5mm plug from the headset (headphone plug) in one jack of the Stereo Y-Cable.
In the other jack attach the 3.5mm plug of one end of the 3.5mm to 3.5mm stereo audio cable.
5. Connect the Stereo Y-Cable to the green jack (headphone jack) of the CTIA Y-Cable.
In the other jack attach the 3.5mm plug from the RCA to 3.5 cable.
6. Plug the RCA cable to the Audio input from the component adapter.
7. Connect your additional Mic to the PC.
8. In the Elgato Software:
a. Enable in the Device Setting the option “With analog audio”
Alternatively, in newer software versions you should choose the "Analog Audio" option in the Audio Input menu:
b. In the Live Commentary widget select the mic and enable the Live Commentary