I am working on a custom soundtrack for this with your rips. I named sme tracks, the ones that are unknown in name.
I have been tagging them and organize the files with current infos of composers and all. :)
Will soon be uploaded in my collection thread. :
Thread 81833
:)
Edit:
Here you have. :)

ARMORED CORE: MASTERS OF ARENA -AUDIO DIRECT SOUND TEST- (
Thread 81833)
Game Release date: 1999.02.04
Game code: SLPS-01855
Label: From Software
Encoded & Ripped:
Reaper_456
Custom Track names by: morrigan666=alucard_aenslaed
(02~12, 16, 18, 19)
Re-tagged & Info by: morrigan666=alucard_aenslaed
Soundtrack Album Organized and Arranged by: morrigan666=alucard_aenslaed
MP3 : Medium (lossy)
FHG (Guess)
Constant Bit Rate 256kbps
Music Composed by:
Kota Hoshino (01, 02, 03, 05~11, 18)
Keiichiro Segawa (04, 20~33)
Kota Hoshino, Tsukasa Saitoh, Hiroshi Tateyama (12~17, 19)
Arranged by:
Kota Hoshino (01~12, 18, 19)
Keiichiro Segawa (20~33)
Kota Hoshino, Tsukasa Saitoh, Hiroshi Tateyama (13~17)
Tracklist:
-ARMORED CORE MASTERS OF ARENA-
01 9
02 MISSION
03 Heavy or Light?
04 Grip ''MOA MIX''
05 Blockade
06 Oneself in...Somewhere
07 PROGTECH
08 Apex In The MOA
09 ''Turn back, it's not too late.''
10 Smooth
11 String
12 Servizio ''MOA MIX''
13 Smash And Grab
14 Ambiguity
15 X-Axis
16 Trans - Am ''MOA MIX''
17 Boil Down Acid
18 URL LINK
19 Routrove ''MOA MIX''
>Bonus<
-ARMORED CORE-
20 Circulation V1
21 Mai Tai
22 Complete Physical
23 Mercury
24 Insurance Money
25 Air
26 MT
27 High Fever
28 Fall Pipe
29 Integrity
30 Junk Mail
31 A Pacifist
32 Hoggishness
33 Circulation V2
34 SYSTEM VOICE 1
35 SYSTEM VOICE 2
Thank you so much for your work on this, and thanks to the one who re-uploaded it as well!