I did it almost exactly like you said, but I thought it was too easy. Btw, when you mean Run On Player, you mean set the player as the reference right?
When you create a new condition on a spell, you should see a drop down box with "Run On" to the left.
Basically this determines where your condition should be checked. Since you want it on the player, you could set the Run On option to either Subject or Player.
The difference between using subject and player is if you use PLAYER, the condition will always be run on the player.
If you use SUBJECT, the condition will run on the actor that has the magic/spell effect.
Since your spell is on the player, both subject and player options will work.