I don't think that Hyperterminal will do what you want. As far as I know, there is no automation interface for Hyperterminal like ActiveX or DDE. Depending on the product, you might be able to connect to it directly in LabVIEW using VISA. It has TCP/IP support for reads and writes. If you need telnet capability, then you might want to look at the
LabVIEW Internet Toolkit. Among other things, it has telnet functions.