With the current beta version of the plugin v6.5.2a i think that it works “out of the box”
If you select create a post from the event (and not write anything in the “link out” input text) a link between the calendar event and the post is established.
In the event list layout if you click in the event the post is opened in the main column. In the calendar layout when you click in the event a thickbox is opened, and in that thickbox there is a link to the post.
To apply some format to the post, instead of “publish” it you can create it as draft from the events-calendar admin panel and the edit the post as you want.