To view the window, I went to
Control Panel\All Control Panel Items\Network and Sharing Center. I want to create a system tray shortcut to view the same. How can I create a such one ?
I'm not sure if I'm understanding what you're asking but instead of going to the Network and Sharing Center through the control panel you can just click the icon for your connection in the notification area ("signal indicator" for wireless or a pc for wired connections) and then lick the "Open Network and Sharing Center" link... You have included a screen shot of where the link is in your question.
If you don't have the connection icon, right click on your task bar and click properties. Choose customize, then in the screen that comes up choose "turn system icons on or off" at the bottom.
Make sure "network" is turned on.
*Credit to sevenforums for the image, I'm not at a win7 machine at the moment to take new screenshots.