The DSC module has alarms but they are only for notification purposes and any control functionality applied would have to be written by you. You could create a tag associated with the value you wanted to monitor and set a level alarm on that value. Then monitor that alarm and, if/when it goes off send a signal to the pump.
You might also consider upgrading to LabVIEW 8.2, and the associated DSC module, which would enable you to easily make a server to run in the variable engine (the replacement for 7.1's tag engine.) This would make the code truly run in the background.
Regards,
Robert