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Audio attachments are pretty much like any other post types, in WordPress. Therefore, even for an audio attachment in the Media Library, it is possible to set a Featured Image.
How to proceed:
After completing this process, that specific audio file will have the selected picture as a thumbnail in any instance of WavePlayer.
Alternatively, it is possible to embed the cover art picture in the MP3 file before uploading it to the Media Library. When you do so, WordPress extracts the cover art picture from the audio file, adds it to the Media Library and attaches it as a featured image to the audio file it extracted the picture from, without any further action from the user.
For external files that are hosted remotely and used in your websites, WavePlayer is even capable of extracting the cover art picture from the MP3 file (if any) and use it anywhere the track is used on the website.