You can use a horizontal fill-bar to do this. You set the Max. value to the amount of times your loop should execute, and then simply wire your Loop increment (i) to it. Simple.
However, getting the sub-vi to update on the main VI front panel can be tricky. I would recommend simply hiding everything on your sub-VI panel except the horizontal fill-bar. By making the sub-VI window just large enough to show this, and making the window pop-up when called and then close again when finished will simply create a pop-up showing the progress. This will also leave more space on the main VI front panel, as the sliding bar will disappear when it's not used.
Hope this helps
Shane.
Using LV 6.1 and 8.2.1 on W2k (SP4) and WXP (SP2)