Hola, podes hacer la captura del control, algo como:
Option Explicit
Private Declare Function BitBlt Lib "gdi32" (ByVal hDestDC As Long, ByVal X As Long, ByVal Y As Long, ByVal nWidth As Long, ByVal nHeight As Long, ByVal hSrcDC As Long, ByVal xSrc As Long, ByVal ySrc As Long, ByVal dwRop As Long) As Long
Private Declare Function GetWindowDC Lib "user32" (ByVal hwnd As Long) As Long
Private Sub Command1_Click()
Dim vHandle As Long
vHandle = GetWindowDC(Text1.hwnd)
Picture1.AutoRedraw = True
BitBlt Picture1.hdc, 0, 0, Text1.Width, Text1.Height, vHandle, 0, 0, vbSrcCopy
Picture1.Picture = Picture1.Image
Picture1.Cls
End Sub
saludos.