This depends on your TV. Some TVs accept bitstreams like Dolby Digital on their HDMI inputs and pass them out of their digital audio output. Some TVs only accept PCM (stereo). Even if you configure TV's output for 'bitstream and PCM' , it could apply only to output from TV's own tuner, not passed on from HDMI. What is really frustrating, is that you will almost never find it in TV specs, and even most manuals make only a very brief mention of it somewhere.
If your TV can accept and pass bitstreams, you just set you audio card S/PDIF output to allow both PCM and encoded formats, and your HDMI will carry it to TV.