How to create a track for each speaker in the dialogue or create dual channel audio?

Or otherwise convert to dual channel (one channel for each speaker) and control the playback for each channel. I need to be able to listen to each speaker separately and only on left or right side of headset respectively.

Playback? Or are you talking about editing/processing with Audacity?

In Audacity, Split Stereo Track allows you to edit the left & right channels separately.

Hi, you are recording, Shift+R creates a new track for a recording.