What version are you using on your polycom phone? beinng that you have a polycom 301, you can upgrade to firmware version 1.5.2 whic h support call waiting in a much better fashion (in my opinion). it will actually ring each call onto it’s own line button vs. a single line button you have to scroll through to answer.
Firmware: ftp://ftp.atacomm.com/Public/Support/Po … rmware_152
In your phonexxx.cfg file, you need to update them to the new firmware files. The key settings are:
reg.1.lineKeys="" ; Number of Keys to use as lines - Mine is 2
reg.1.callsPerLineKey="" ; Number of Calls Per Line - Mine is 1
Those settings should have a second call come in and ring onto the second line button on your phone.