I eventually figured this out, sorry it took so long to post my solution.
There are 2 "Process Filters", one is accessed via a button on the Object Browser tab and one is accessed via Default\Current Project Properties. They appear to do the same thing but they do not. If you're having the issue with IE showing up as a Process instead of a Browser, you need to check the "Process Filter" in your projects properties NOT the Process Filter on Object Browser. Sound confusing? That's because it is, I think it'd be helpful if they use changed the wording.
Anyway...go here...
Tools -> Default (or Current) Project Properties -> Project -> Open Applications -> Process Filter
The easiest way to see if this is the culprint, swtich the "Process filter mode:" dropdown to "Use all processes", click 'OK' and then go check your object browser again, IE should now show up as a Browser now not a Process.
Hope this helps and good luck!