With DAQmx you can create a task using Measurement and Automation Explorer. Under counter input, select the angular position type and then configure the pulses per revolution, inital angle, and units. From the information you gave the number of pulses per revolution would be 496.8, or perhaps because of rounding error it was 500 originally.
You can name your task and use it within LabVIEW by wiring a task control to any of the DAQmx VIs and selecting the task you had created.