Ryano,
Well, it looks like I have stepped in it and now I can't get it off my shoe..
No offence, but if you are unsure where the two power leads go inside the Easytouch, it might make sense for you to find a friend with an electrical background, or hire an electrician. That said..
The two 110 volt wires would connect to the L1 and L2 terminals at the bottom of the Easytouch circuit breaker panel. You should also have copper or green ground wire. If it is an old pool that may be all you have. If it is newer pool you should have the two 110 volt lines, a neutral line, generally white, and a copper or green ground wire.
Whether you can do away with your existing IC40 power supply depends on which Easytouch you buy. Some come with the power supply built into the Easytouch, some do not.
To ensure that the IC40 cannot run unless the pump is on, you wire power for the IC40's power supply through the Filter/Pump relay. Anytime the pump is scheduled to be on, the relay will be energized, supplying power to the IC40. This relay does NOT have anything to do with the 220 volts going to the pump motor.
Just to be clear.. the power coming into the Easytouch will go through a 220 volt GFI breaker and directly to the pump. The pump will have power at all times. A serial cable attached to the pump at one end and the Easytouch at the other end tells the pump when to run, and at what speed, based upon what you program it to do.
If this makes some sense, great. If not, you might want to call a friend
Jim R.