monotone,
I don't believe there is an easy way to do what you are asking in LabVIEW however it does sound possible.
The limit testing VI simply compares points of a waveform to an upper and/or lower limit. You could program your own VI to do this with a PNC curve and an octave spectrum.
The octave graph is essentially a specific case of the more general XY graph. If you were to parse your PNC curve data and put it into the appropriate format (cluster of two arrays, one representing the frequencies and the other the band power) in LabVIEW you should then be able to pass both the octave spectrum data and your PNC curve data to the octave graph by creating an array of the two octave graph clusters.
Good luck!
Regards,
Simon H
Applications Engineer
National Instruments
http://www.ni.com/support/