In the past, Premiere's Capture option required the use of a Firewire input cable to the computer. Which is mostly 'dead' these days, though you can still get the gear and add in a Firewire input card to the computer.
An option oft suggested here for both solid workflow and highest quality transfer of image data from tape to digital is the Black Magic Intensity Pro 4K PCIe card ... which comes with HDMI input as well as a cord to connect to the analog R, G, and B RCA plug cords. It's a bit under $200USD, and does give as good a quality as you can get from the data.
Premiere Pro does not require Firewire. Having said that people have stated the latest version of OS X does not support the IEEE OHCI Firewire controller. You can use the Intenisty Shuttle USB 3.0 and Thunderbolt version. AJA and Blackmagic Design have Tunderbolt and PCIE options but a lot of those products require a Time Base Corrector (TBC). If your camcored has a TBC built in (my Hi-8 does) you can use the Intensity Shuttle just fine. If not the ADCV 110 would be your best bet. The ADVC 110 is DV Firewire converter. Both the ADVC 110 and Intensity Shuttle are discontinued. The video below might be helpful.
years ago some guy hunted and recorded stuff (his video crew member on safari ) on a safari and I edited and had to connect some compact electronic mini tape thing to my computer, so bought the card Neil mentions ( pci-e) which was sorta like a thing that translated the incoming firewire signal and capture on HD live ( you play it and it records without dropping frames but you have to play it real time ) using ( as Stan said, scenealier cause adobe sucked at it ). I think it was cs4 back then.
the card ( blackmagic) also gives you sdi in and out so you have tons of options. Google your question and you may find inexpensive standalone units that can do what you want ... then just put that mp4 into PPro.
make sure ( if you buy a standalone unit ) that it doesn't give an AVI file ( made by microsoft years ago), cause I don't think PPro supports that anymore.
If you use any Blackmagic Design PCIe card the standard wrapper is .avi on a Windows machine and the files are fully supported on any version of Premiere Pro. On Mac the hardware will give you .mov files. None of the cards will give you an .mp4 when capturing.
I edited .avi files captured by an Intensity Pro yesterday in Premiere Pro 14.5. The other day i edited old DV files in the .avi wrapper.
I'm glad PPRO still supports AVI. It was the first thing I used when I bought a VideoBlaster card about 30 years ago. But it only captured 15 fps, so after the cable run from TV to computer, it was a little choppy to say the least.
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