Greetings, Vishnu;
As you may have discovered, Labview doesn't have the same modeling capability as, for example, Pspice. However , you can model just about any RC circuit using the filters toolbox, (order 1 butterworth) in your example.
If you want to show the filter response in the frequency domain, you will need to sweep the function generator, and then plot the output as a function of frequency. (You can use the WAVEFORM Max to read the values, and then plot it on a graph.
There is no direct equivalent in Labview for either a resistor or a capacitor, but the exponential math functions, can, of course show your RC time constant quite nicely.
Eric
Eric P. Nichols
P.O. Box 56235
North Pole, AK 99705