Hi lucky_patna,
In LabVIEW Communications 2.0 you would use a MathScript node, which is not the most recommended route because it does not have complete library support for MATLAB.
The best route is the Interface for MATLAB, which released in LabVIEW Communications 2.1 and has further nice new features in LabVIEW Communications 3.0. I would recommend upgrading. See more info here: http://www.ni.com/white-paper/54843/en/
Basically, LabVIEW Communications needs to be installed in the same computer MATLAB and will call into MATLAB when the node is run.
Rahul B.
