I also have LabVIEW 7.1, but when using ActiveX, the exposed properties depend on what version of the attached application is. I have Word 2002 with Service Pack 2 installed.
If you have a different version of word, or even a different updates installed on the seame version, there could be differences.
Unfortuately, since we seem to have different versions of Word, I'm not sure how it would work for you. If you have Word 2002, but don't have Service Pack 2 installed, try installing that and see if you get the PasteandFormat property.
Looking at your image, the obvious choice is PasteSpecial, but if yours is the same as mine, it doesn't seem to do the same as Paste Special in Word. No way to specify what format you want to paste.
Let me know hat version of Word you have and we might be able to figure it out looking through MS MSDN site.
Ed