The PC and camera must be in the same subnet, otherwise they will not see each other.
There are two possible scenarios for setting up a connection.
1. DHCP (automatic IP address)
The camera should be set to automatic, as should the computer. If connected to the same network, both devices will receive an IP address in the same subnet. If connected directly, they will both randomly assign an address starting with 169.254... and will be able to communicate.
2. Static IP address
Both the camera and PC should be set to the same subnet address. Example:
Camera IP address:
PC IP Address: