Sorry Winddancer, but Premiere Pro will never detect your converter. USB devices are not supported.
Premiere is designed around using a DV workflow, which only uses FireWire. Older versions (6.x and previous) had an option where you could try to connect through the Windows Media layer to other devices, but it was flakey and unreliable. It was dependent on the drivers for the device being compatible with Premiere (the standards for USB video devices aren’t as clear cut as those for FireWire) and the moon being aligned with the stars and so forth.
I’d recommend you look into an analog-to-DV converter. Canopus makes some good ones, I use the ADVC100. The Pyro A/V Link is cheaper and I’ve heard good things about it.
You could also capture with Ulead or Windows Movie Maker, or whatever program you can use to capture from that device, and then take the files to Premiere Pro. I’d recommend you capture or export the files as DV-AVI for Premiere Pro, as that will ease your workflow.