So WAV-to-MIDI is like asking “Can I convert a cake back into the separate operations of the baker AND back into the original ingredients – eggs, sugar, butter, flour, yeast, etc)?”
A WAVE file is like the cake – when the cake is on your plate, all data about the baking process are gone. A MIDI file is like the recipe. It contains a list of ingredients and instructions for using them, but it doesn’t assure the baker is skillful, the oven is properly calibrated for temperature, or that the ingredients are fresh and wholesome. Let’s describe one more MIDI-WAV analogy before moving on. Take a couple of newspapers. Shred them into strips and small pieces, add water and some wallpaper paste (glue) and stir until you have a nice smooth mush – also called papier-mâché. Make some sculptures from this mixture and let them dry.