Structuring Agile work within Waterfall programme plan in MS Pro

I'm looking for recommendations on how best to structure a subset of my programme plan.

The overarching programme is Waterfall but 1 subset of work is an Agile project delivering a digital product. Work is planned and delivered in Agile sprints, delivering key functionalities (product features), and prioritised by the product owner.

In my mind the most logical structure for the MS Project plan would be;
(1) Core functionality required across multiple features, which will run continuously and underpin all other phases
(2) Multiple phases representing the sprints (key challenge here is the planning horizon, which is typically short!)

Does this sound logical and manageable? Any advice appreciated!