I wonder why he can't make the connection. 5 dinos, 5 kids, both are always together, hmm, maybe there is a connection. And with the other kids at school, also, there are rumors of dinos being seen, and these 5 kids have these dino shaped motorcycles and helmets, hmm, I wonder if there is a connection. Also, these 5 never use to hang around together, in fact some seemed to dislike each other (based upon what Buzz said to I think it was Max in the pilot) then for some reason after that field trip they are great friends, hmm.
I believe they became great friends because they were forced to become a team when they obtained the dinosaur powers. At first they were only working together because Moynihan told them to. As they continued to work together though they started to get to know each other and eventually became friends. We don't know how much time has passed between episode 1 and 2.
Now as for the connection, I think there is an explaination for that, now that I think of it. Victor has, several times, seen the perfect dinosaurs, but he rarely sees the teens. In fact the only time I believe Victor ever saw the kids, at least from what we've seen in the show, is in episode 5, 7, and 8. In episode 7 he sees Buzz and episode 8 he sees Max. Episode 5 is the only time he sees all 5 students, and he does not see the perfect dinosaurs before or after that. His assisant did see the perfect dinosaurs, and perhaps he would have made the connection had he not been so afraid of Veloci.
Now I could say Victor has seen the students in episode 4 when he was following them to the lighthouse, but then again all he saw was the SUV; he did not see the students enter it, so he did not know if it had anything to do with dinosaurs. He probably wasn't even expecting it, since he said the dinosaur signal had disappeared.
From what I remember, Victor never actually sees the motorcycles. Well he might have seen Max's motorcycle but I highly doubt it. The only thing of the motorcycles he's seen are the tire tracks. He knows there are five, but the same number is not enough to make a valid connection.
So far Victor has not seen anything that would lead him to believe his perfect dinosaurs were human, now that I think of it. The only real hints he gets are in episodes 4 and 7. In episode 4, he gets a dinosaur signal coming from a football game, and in episode 7 he sees Buzz run into a shed, and when he destroyed it with his feet, out came a Pteranodon.
Those are my thoughts.