I think that you can do what you want by creating two plots - one for the annotation and one for the data.  Make sure that the plot for the annotation is before the data plot in the plots collection so that the annotation will appear under your data.  For example, create a new VB project, add a graph and a button to the form, double-click the button, and add the following code:
    Private Sub Command1_Click()
        Dim annotation As CWAnnotation
        Set annotation = CWGraph1.Annotations.Add
        
        annotation.plot = CWGraph1.Plots(1)
        annotation.Caption = ""
        annotation.Arrow.HeadStyle = cwArrowHeadNone
        annotation.Arrow.LineStyle = cwLineNone
        annotation.Shape.Type = cwShapeMinMaxRegion
        
        D
im xCoordinates(1) As Double
        Dim yCoordinates(1) As Double
        
        xCoordinates(0) = 2
        xCoordinates(1) = 8
        yCoordinates(0) = 2
        yCoordinates(1) = 8
        
        annotation.Shape.xCoordinates = xCoordinates
        annotation.Shape.yCoordinates = yCoordinates
        annotation.Shape.FillVisible = True
        annotation.Shape.Color = RGB(255, 0, 0)
        
        Dim plot As CWPlot
        Set plot = CWGraph1.Plots.Add
        
        Dim data(10) As Double
        Dim i As Integer
        
        For i = 0 To 10
            data(i) = Rnd * 10
        Next
        
        plot.PlotY data
    End Sub
When you run this code you'll see a red colored region whose x coordinates goes from 2 to 8 and whose y coordinates also goes from 2 to 8.  You'll see a plot of random data whose x coordinates goes from 0 to 10 and whose y coordinates also go from 0 to 10.  The plot of data will appear over the annotation.
Plea
se try this and post how it worked out.  Thanks.
- Elton