Hello -

Final Cut Pro X has an option to "Create Archive".

Is there an option in PPRO CS6 to do the same?

I'm not sure what the FCPX "create archive" feature does exactly, but if it's related to archiving your project and its associated media, then Premiere Pro's "Project Manager" will provide several alternatives for saving the entire project to a new folder.
This includes the option to save a "trimmed" project that contains only media that is used on the timeline, plus those original media clips will each be trimmed down to their edited length (plus handles if you like) as they appear on the timeline.

Hi Robert -

I'm looking to archive my tapes (not projects) on to HDD's.

FCPX's "Create Archive" function basically creates an exact duplicate of the (video) tapes (Hi-8, DV, etc...) from a camcorder / tape deck and stores them on the HDD for future use in a project.

From what I remember of the previous versions of PPro, I believe in order to achieve a similar result, I would have to "capture" the tape; setting the In and Out points?! Not sure as it's been a while since I've used PPro; hence my question regarding this.

Yes- you would just capture the entire tape into a PPro project.
This would generate a video file of the entire tape onto whatever HDD you had selected for the capture