Precision Flight Serial CAT I and Microsoft Flight Simulator 9 (2004) - Manual (Page 12)

Set Up Guide for Serial CAT1 and FS2004 Page 12
C3. Elevator Calibration
7. Now click on Select button under the Elevator Axis. This should say Set Automatic now.
8. Pull your yoke all the way to the out and hold it. Click on the Set nose up limit.
9. Push your yoke all the way forward and hold it. Click on the Set nose down limit.