I want to make sure I understand what you have done so far. Is it correct that your version 5 Channel is on Server A and you installed version 7 on Server B? If so, you need to copy your version 5 Channel information to Server B and then run the Channel Migration utility to get it connected. Here are the steps:
1) Make a backup copy of your existing Prism Deploy database files and registry settings:
a) Back up all the files and folders/subfolders in the Prism Deploy Channels folder on Server A, by default C:\Prism Deploy Channels. Copy the Files and folders to C:\Prism Deploy Channels on Server B. (You'll have to first create that folder, since it isn't created by the version 7 installation.)
b) Back up the Prism Server’s \registry settings on Server A by exporting and saving the following registry key: HKEY_LOCAL_MACHINE\Software\Lanovation\Prism Deploy\Server Channels. Merge this registry setting into the registry on Server B.
2) Next, open the Channel Migration Tool on Server B from the Start Menu. This utility converts the version 5 Channel database files that you copied to Server B to Microsoft SQL data. Depending upon the size of your channel, this step may take anywhere from a few minutes to an hour or more. After you complete the migration, your existing Channel is stored in the SQL server database and is accessible from the new Console.
3) Launch the Console. On the "Select the Channel you wish to manage" dialog box, click the Find button. For the location, specify the name of Server B, or simply type <this>. A list of your migrated channel(s) should appear.
4) If your version 5 Channel was password-protected, be aware that password protection is not migrated with the Channel. Re-secure the Channel by selecting Security | Manage when the Console opens. To secure the creation of all new Channels on this server, use the Channel Manager utility in the system tray. (An overview of Prism Deploy Channel security is discussed in the User’s Guide/Deployment Guide.)
Please let us know if you have any questions!