I installed the indicator-multiload 0.2-0ubuntu1 from the software center. (It's very similar to the gnome panel indicator showing memory and CPU graphs)
When I click on the Unity panel which shows the little memory graph, it says ;
Mem :1.451 GB Cache: 2.581. This is also represented in the color graph.
However, when I load the System Monitor, SWAP is at a flat 0.
Is this normal, or could there be a bug in either the System Monitor or Panel Indicator?
Yes. They are a complete different thing, even the opposite in a lot of ways. I will try to explain both simply and short. Note that this answer are just a simplification and the real thing is quite more complex. Click on the wikipedia links for a better explanation.
SWAP
It is partition is basically a UNIX/LINUX concept in which th e processes are mapped to secondary storage when primary memory is low.Hence if your RAM is big enough the SWAP partition may not be frequently used.
CACHE
On the other hand cache is used to store data that has been or will be needed in the near future
Hopes that helps