Windows 7 do not come with HyperTerminal but you can simply copy the required files from Windows XP to solve that.
You will need just two files.
hypertrm.exe, which you can copy from "C:\Program Files\Windows NT" and place anywhere you like in Windows 7. I would personally place it on the Desktop.
hypertrm.dll, which you can copy from "C:\Windows\System32" and placed at the exact same location in Windows 7.
Double click on on hypertrm.exe and you're good to go.