You need to use UNIX shell for such commands. OS/2 shells like 4os2 cannot substitute result of one command into another.
Just start ash/dash and type the command as is. If
yum deplist $(rpm -q libaio)
does not work, you can try
yum deplist `rpm -q libaio`
Or, you can use a REXX script, like this:
/**/
'rpm -q libaio | rxqueue'
parse pull x
'yum deplist ' || x
PS: did you tried like this:
rpm -q libaio | yum deplist -
?