This paper reports results from a study of the reaction pp->pK0\Sigma+ at beam momenta of p_{beam} = 2950, 3059, and 3200 MeV/c (excess energies of \epsilon= 126, 161, and 206 MeV). Total cross sections were determined for all energies/ a set of differential cross sections (Dalitz plots/ invariant mass spectra of all two-body subsystems/ angular distributions of all final state particles/ distributions in helicity and Jackson frames) are presented for \epsilon= 161 MeV. The total cross sections are proportional to the volume of available three-body phase-space indicating that the transition matrix element does not change significantly in this range of excess energies. It is concluded from the differential data that the reaction proceeds dom...