If you meant to say invisible, Right click on the indicator/control>>advanced>>hide indicator/control. Go through the LabVIEW user manual for more details..
(Kudos are always welcome;))
Nitzy, not invisible, transparent I mean. So when I place a text indicator there its not hidden behind the smooth box. Hope I explain well...
From the menu View->Tool Palette
Then set the color to T for transparent (background or forground)