Thanks to Everyone who posted a reply to my thread, and helped.
Thankfully, i was able to capture the footage today! That was stressing me out, not being able to figure it out. I greatly appreciate everyone’s help!
I believe it was a combination of two things, that ended up making it work:
1. The i.Link CONV menu option in the Sony Z1U camera was set to ON – which meant, it was converting the HDV signal to DV, and probably the main reason it wasn’t working.
2. Also, i think whoever suggested to turn off the camera and computer, then turn ON the camera, wait a minute, then turn on the computer, helped it to recognize the firewire device (device being the Sony Z1U camera) correctly.
Again, thanks!
Chris