Hello HU,
Yes, you can use LabVIEW 7.0 with your DAQPad-MIO-16XE-50 device and NI-DAQ 6.9.3 (latest driver available for this device).
Eventhough there is no LabVIEW Installation Component file for LV 7.0, you will have to download the LabVIEW Installation Component file for LV 6.1, and then follow the instruction in the following knowledgebase:
http://digital.ni.com/public.nsf/websearch/F185E098C7EC5A3486256D2E00691BB2?OpenDocument
Another related knowledgebase is:
http://digital.ni.com/public.nsf/websearch/616A3D8798FA5E0486256DA2007E22F5?OpenDocument
I hope this answers your question. Again, thank you for choosing National Instruments!
Swapnil P.
National Instruments Engineer