RDK,
There are a few ways to do such.
In my area, we often use config files saved as .txt. Under Functions>File I/O palette, we use the Read File & Write File vi's.
Upon initial running of the main vi, we use a 3-step sequence: 1. Reading the last written configs (to set the front panel values). 2. Middle sequence (work-horse) 3. Writing sequence (upon the user closing the main vi with a booleon 'close' button', we do a final sequence of writing the last set values).
This is just one approach. The benefit of using text files is that they are easily viewable outside of Labview for our users who often want to see certain parameters, etc., but not through Labview, but with Wordpad, etc.
Good Luck, Doug