Hello, since this question is LabVIEW-related it should better be posted in the appropriate board.
In any case, LabVIEW has a complete set of functions to operate on the RS232 channel and is equippend with all fucntions that are normally used to decode messages coming from external device. Nevertheless, keep in mind that when speaking about two independent device, the interaction between them depends on how both behave. That is, if the microcontrolles sends informations about its I/O then yes, LabVIEW is capable of reading these informations. In order to have some more concrete help you will need to supply some more informations about the messages your device sends on the serial cable.
