The Caption Image Control Palette is a floating dialog that can be positioned anywhere on the screen. It provides the controls to add text and/or a image to the active image.
This dialog is visible when you are in Caption Image mode (i.e. the Caption Image button is down).
To show or hide the Transform Image Control Palette, click View->Toolbars->Control Palette or press the button.
See Adding text or an image (visible watermark)