We demonstrate that combining standing wave (SW) excitation with resonant inelastic x-ray scattering (RIXS) can lead to depth resolution and interface sensitivity for studying orbital and magnetic excitations in correlated oxide heterostructures. SW-RIXS has been applied to multilayer heterostructures consisting of a superconductor La1.85Sr0.15CuO4 (LSCO) and a half-metallic ferromagnet La0.67Sr0.33MnO3 (LSMO). Easily observable SW effects on the RIXS excitations were found in these LSCO/LSMO multilayers. In addition, we observe different depth distribution of the RIXS excitations. The magnetic excitations are found to arise from the LSCO/LSMO interfaces, and there is also a suggestion that one of the dd excitations comes from the interfaces. SW-RIXS measurements of correlated-oxide and other multilayer heterostructures should provide unique layer-resolved insights concerning their orbital and magnetic excitations, as well as a challenge for RIXS theory to specifically deal with interface effects.