To enable Java 7 Update tab in Java Control Panel go to C:\Program Files (x86)\Java\jre7\bin\ and create a shortcut to javacpl.exe on the Desktop.
Edit the shortcut, and add to target : -tab update
The target path should be : “C:\Program Files (x86)\Java\jre7\bin\javacpl.exe” -tab update
That’s it.
Tested on Windows 8.1 PRO x64 with Java 7 Update 51.