I have not used that product before but it looks like it supports Microsoft's BI stack. I suggest that you look into how to access PI using PI OLEDB Enterprise, from there you could look at getting analysis services going to help organize your data.
I've used Dundas Charts in different versions, and if you are talking about the product "Dundas Charts for Sharepoint" I would recommend not waisting any time trying to get an OLEDB connection directly to PI to work. Even though it seems like you're going somewhere when entering the connection string, the generic OLEDB connection dialog is just made for connecting to a couple of specific relational database sources - it's NOT going to work with PI.
My recommendation would be to set up a linked server to PI in SQL Server, and then set up a connection against that SQL Server from the webparts. Then you can run your OPENQUERY queries through to PI.
I've also worked with "Dundas Charts for .NET" and then you set everything up in code, so that should work as expected. But beware that both of these products are old, not produced and not supported these days. Microsoft purchased the codebase for Dundas Charts/Gauges/Maps and these are now incorporated in various Microsoft products. What's known as .NET charts is actually Dundas Charts.