Hi Soham,
MII PCo Connector will communicate to a Agent created over a source system. So you need to create an Agent in PCo.
So the Flow is like this:
Source System-->Agent-->MII PCo Connector
The Destination System is created if you want to push some data from PCo to another system like MII through Notification Service.
For Viewing the tags go to the Tag Query tab of the Agent.
For the problem regarding the PCo Management WSDL:
1. Check whether the PCo Management service is running(Given the PCo Management URL in a browser and if it works there that means the service is running)
2. Check the Proxy configurations in MII at System Properties screen.
check this thread also:
MII 14 Cannot Find PCo 2.3 WSDL - Error while getting PCo Agents
Regards,
Rohit Negi.