That's tricky.
- Do the schools you're applying to require verification by a PT of the hours? If so, then it won't count because the supervisor will have to input their PT license number to verify it, unless there's a PT that works with the exercise physiologist who would be willing to sign off on it for you.
- If the schools don't require verification, then I guess you could put it down because they won't check for verification.
- Some of my PT experiences didn't end up getting verified, but I had so many hours anyway that were verified that it didn't matter (i.e. a few people never got the emails that PTCAS sent because they went to spam filters, or it had been awhile since I shadowed with them so I didn't bother emailing them for verification). As long as you have the minimum number of hours/settings as required by the programs you're applying to, then the extra ones don't necessarily need to be verified (although it's not a bad idea if you can to have them verified so that they don't think you're embellishing).
- The best bet would be to email PTCAS and/or one of the schools you're applying to and ask them. I had to do that because I shadowed in a dog rehab facility with a PTA and wasn't sure if that would count or not.
Regardless, it can go under volunteer/extracurricular activities for sure. That's where I put my observation with a PTA who worked exclusively with our canine friends, as that's what the PTCAS people told me to do when I emailed them
Even if you put it there, the schools will see it, and most will know that the work is similar if not identical to what PTs do, so you'll still get credit for it, even if it isn't under PT observation.