If you are just wanting to delay your program by three minutes, then use the "Wait (ms)" and wait for 180000 milliseconds.
If you are wanting to wait up to three minutes for data to come in on the serial port, but you want to read it as soon as possible, you could just set your VISA timeout to 3 minutes, and just do a VISA Read.
It's not clear what you want the program to do. Do you know the motion controller is going to take 3 minutes to get into position, or are you waiting for the motion controller to send you a response letting you know that it's in position?
Brian