The second block says "Replaced by", not "Replaces". Drawing EE-3216 has "EE-2764" in it "Replaces" block and the "Replaced by" block is empty.
It's true that the EE-2764 DC control panel (and the accompanying in-line exciter) replaced the EE-2452 panel and that the EE-3216 panel in turn replaced the EE-2764 panel. But as I said, the newer drawings don't eliminate the need for the previous version drawings: you need the drawing that goes with the panel, MG and other options (such as ELSR) that were actually installed on your machine.
Unfortunately, Monarch DOES NOT always send out the correct version of the wiring diagram for round-dials. In fact, they always send out EE-2764 when you have a round-dial 10EE, regardless of what version of the DC panel was actually installed. As far as I know, square-dial MG machines always get EE-3216, even if you have ELSR or rapid reverse options, which need different drawings.
This is why I don't recommend that people with round-dial 10EEs spend the money to buy the manual and diagram from Monarch. (I'm all for supporting Monarch, but this is a case where they don't provide good value to their customers.) Rather than print out a nice clear manual from a PDF file based on the best scan available, they just keep photo copying the same muddy originals.
I visited Monarch several years and discussed this very issue with the president, Harry Camp. I offered to help them straighten out the round-dial manuals and wiring diagrams, but sadly got no interest in the idea.
Please post a photo of your DC control panel so that I can see if you have the correct version of the drawing.
Cal