I don't know the specifics of your audio interface, but some audio interfaces do not respond to the ASIO Panel button in Sonar, and instead have their own launch icon to get to their control panel to change settings.
For the 2 audio interfaces I happen to have, whichever one I am using will have an icon sitting in the system tray that will open up the user interface for the settings panel.
Additionally, as a test, try to see if the latency goes away when you disable all plugins, by hitting the 'E' key on your computer keyboard. That is a Sonar toggle for the bypass of all effects. IF the latency issues go away when you have effects disabled, then one or more of your project's loaded effects are adding a bunch of latency. Some plugins are not meant to be used during recording and are instead meant for mixing/mastering.
If you have used 'E' to toggle on the bypass of all effects, you can hit 'E' again to enable the effects again after you finish that test.
Hope that helps,
Bob Bone