RJ:
I have 32 TextNode Elements under EQUIPMENT-LABEL in this dgn file.
RJ:A DGN file is a container. It contains one or more models. A model contains graphic elements.
"I have 32 TextNode Elements" could mean that you have one model containing 32 text nodes, or it could mean that you have 32 DGN models each containing one text node.
As DanPaul notes, your active DGN model might be referencing other models, or even itself (since self-referencing is allowed).