Yes, it definitely appears as though you need to reinstall NI-DAQ. You can receive this error when the VIs which are being mass compiled depend upon other VIs which are either not present or have been incorrectly updated. Make sure that you have installed NI-DAQ support for your new version of LabVIEW. This is separate from installed NI-DAQ by itself. You must install the LabVIEW support files also. You can get these off of NI's website.
Also, if you did a complete install of LabVIEW, you may have installed a newer version of NI-DAQ without realizing it. This could cause a problem if there are two versions of NI-DAQ on your computer. Make sure you only have one version.
J.R. Allen