Is there any way in InstallShield to show the prerequisites which is being redistributed along with the setup.exe are already installed on the target system, like the image below, which shows what is pending on the target system. What if I want to show that this is already installed?

There’s nothing in the UI that shows this. You can run setup.exe /debuglog and read through it to figure out what was skipped:
Q105473: INFO: Setup.exe Command Line Parameters
FWIW, I get in the habit of also implementing the check in the MSI ( AppSearch / LaunchConditions tables ). This way if the setup.exe is bypassed and the MSI directly invoked you’ll still make sure to not get into a bad state of missing prereqs. If this is too much work for you, you can use the SETUPEXEDIR property to enforce that the MSI was launched by setup.exe.