Just a few questions for you:
What headset are you using?
Are you using a Processor? Like the DSS or Mixamp?
Im pretty much running the same set-up as cmarti, please see below.
1st gen Turtlebeach DSS
Samson SR850 headphopnes
Zalman ZM-MIC1
Rocketfish chat cable,this came with a set of headphones that I bought on clearance from Best Buy for $10.
Headset Buddy 4 pole Y-adapter(splitter)
I have the DSS hooked to a optical cable from the PS4.
I have a USB mini cable from the PS4 to the DSS to Power it as well as give it the chat audio.
From there I have the rocketfish chat cable hooked into the headphone out from the DSS.
The Headset buddy Y splitter plugs into the rocketfish cable.
Last I have the headset and zalman mic plugged into the Headset buddy splitter.
As far as settings I have the audio set to Optical to get the surround through the DSS.
When you plug everything up and the USB into the PS4 it will pop up asking who using the headphones and reconize them.
As far as headphone audio settings I have that on CHAT audio only.
Also there is a newer post on Playstation forum where a guy uses a Logitech USB soundcard for a PC plugged directly into the PS4 and claims to get surround sound as well as chat, he also has a 12 minute vid proving it.