This setup is the normal one.
The host Ethernet adapter just has to have a Windows driver. You configure that one to use a static IP address. Typically you want to use one of the non-routable address groups to keep the host-target communication off of your larger network.
I typically use 10.10.10.10 for the host static IP address on the second Ethernet adapter in the host. I use that one to talk to any xPC Target boxes I have.
When you configure a kernel for a target, you specify the IP address that it will use. For instance, with the address I've listed above for the host, I'll configure TargetPC1 to 10.10.10.11 in xpcexplr before creating the bootable kernel.
All this is covered in our documentation.