There seems to be a limitation in QTP that the anchor test object in VRI must be in the object repository.
Thankfully there is a workaround, you can create a dummy anchor test object in the OR with a description of a blank innertext (by using the Define New Test Object button).
Then use SetTOProperty
to get the dynamic behaviour you can achieve with descriptive programming.
Set rc = VisualRelations.Create
Set relation = rc.Add
Browser("ABC").Page("XYZ").WebElement("Anchor").SetTOProperty "innertext", "E-Mail ID"
relation.relatedobjectpath = "Browser(""ABC"").Page(""XYZ"").WebElement(""Anchor"")"
relation.relativeposition = micRelLeft
relation.setargument micrelinline, True
Set des=Description.Create
des.Add "micclass","WebEdit"
des.Add "visual relations",rc
Browser("ABC").Page("XYZ").WebEdit(des).set "qtpuser@abc.com"
Set relation = Nothing
Set rc = Nothing