Mathscipt is NI's version of the Matlab syntax. It is not 100% function-compatible with Matlab, but most of the time it works. To use it, you place a Mathscript structure (Programming -> Structures palette) on the block diagram, click inside it, and type away, or just paste the script in there. Whether or not it will work depends on the functions you're calling. You can find more help in the LabVIEW online help.
If the Matlab script you have uses functions that Mathscript does not support you can use a Matlab structure instead. This will call Matlab, but it requires that Matlab be installed on the computer that has LabVIEW. The Matlab structure is in the Mathematics -> Script & Formula -> Script Nodes -> MATLAB Script Node. This structure works the same way - just paste the script inside the structure.