First a brief history lesson (very brief). Ulead was an independent company, but was taken over by InterVideo around the time that VS10 came out -- around three years ago. Under IVI management, it was inevitable that some of their codecs etc got injected into 'Ulead' products. This was the case with VS11 when, very regrettably, they replaced all the previous capture plug-ins (and related codecs) with a single one called the IVI (for InterVideo) Capture Component which caused a variety of problems.
In the meantime, InterVideo was taken over by Corel, but Corel in their wisdom continued with the IVI Capture Component in X2. So if you are using VS11, 11.5+ or X2, I am afraid you install InterVideo things whether you like it or not. And you cannot simply uninstall at least some of them as they are an integral part of VS, without which it simply won't work.
Another brief lesson -- you refer to Cyberlink and PowerDVD as though they are separate products. In fact, Cyberlink is the company that produces PowerDVD amongst other things, including a direct competitor to VS.
That being said, if you do not already have PowerDVD installed on your computer, that means WMP, when it is surveying the codecs it can use, has to make do with what it can find, in your case, it seems, the IVI codecs. Now I can assure you that WMP definitely classes the Cyberlink codecs as preferred codecs for WMP. So that is what I would be doing if I were you and if you have access to PowerDVD: install that and see if things now work with WMP.