Your choice of metaphor works wonderfully for me as I tend to express these things in a very visual sense and have considered a similar idea.
I just imagine that a video camera is running that picks up all of my experience, including private experience. Then I stay with the camera's perspective and just 'watch the movie'. This doesn't seem to be a dharma practice per se, at least not one I've heard of. It may be similar to a psychotherapeutic practice called 'cognitive defusion'.
This sounds close to the experience of dwelling in the "observer". Is the camera visible to you, do you know it's there or do you see it as being hidden from view?
While there are similarities between the techniques of cognitive defusion and vipassana, the differences are to do with the level where awareness is being directed and the overall aim of the process. With psychotherapeutic techniques we deal with reality at an emotional and psychological level, getting insight into daily life which can bring the possibility of changing unwanted behaviours which, for whatever reason, interfere with out ability to live a "normal" life. Behavioural issues are at a different level of functioning since, on the whole, they exist as learned responses, conditioned by experience, environment and a whole host of other external factors.
Vipassana, or noting, deals with reality at the sensate level of awareness. Bare awareness of sensation on a second by second basis, it allows us to examine our most fundamental sense of reality as it occurs. One who practices vipassana has the goal of seeing every sensation as it is, impermanent, unsatisfying and devoid of any sense of self.
It's not a relaxing meditation and can be painful, exhausting and generally unpleasant but that's something it shares with any effective thereaputic process. The difference here is that one just notes each sensation arise and pass in vipassana, wheras one who goes through psychotherapy must examine the content of what's going on.
Another set of similarities/differences is insights. Insight into our present predicament, emotional issue or whatever it may be can be obtained through either process so while this is the point of the process during therapy, it's only a possible by-product of vipassana. Daniel Ingram makes it quite clear in his writing that someone engaged in vipassana should avoid dealing with the content of sensations, or "stuff" as he puts it, during practice and work solely with the sensations themselves as they reveal the truth at a much deeper and more fundamental level than present-day psychotherapy can address.
Basically, they're similar but different at a fundamental level and attempts to correlate psychological techniques with specific practices such as vipassana will lead you to a dead end until you actually sit and do it for yourself. You appear to have some knowledge of psychology and you're on here so you're probably looking for an answer to something and have probably realised that the truth doesn't lie in psychology. It's an area I have a great deal of respect for and intend to undertake the relevant qualifications to become a psychotherapist in the upcoming year(s) so please don't construe what I've said as being derogatory or critical of psychology. I know from experience that trying to find the answers to existential quandries in science, hard or soft, will leave you coming up short as the truth lies in our everyday experience which is something which can't be academically studied, only lived as it occurs. Science provides a good approach to thinking and remaining objective in the face of often startling experiences on the spiritual path, but the blind skepticism of the scientist is as useful as the blind faith of the religious zealot.
I hope you find what you're looking for. : )