If the instrument's USB connection is emulating a serial port, then this should work. One way to tell is to open MAX (Measurement & Automation Explorer) and see if you get an extra com port when you connect the USB cable.
To read the sensor values, you will need to get the commands from the vendor. It doesn't appear that anyone the forum has worked with this instrument. If it's truly emulating a serial port, it might be easier for you to test the commands in Hyperterminal first. Once you've done that, then you can use the VISA Write and VISA Read functions. You could also try the Instrument I/O Assistant. If you have an electronic copy (or can provide a link) of the command list from the vendor, you will need to post that to get some additional help.