Windows 7 image and backup confusion

I want to create multiple image backups with recovery partition included by organizing them and putting them in separate subfolders without renaming the "WindowsImageBackup" folder. From my understanding, the "create a system image" option doesn't allow multiple image backups. Could I use the "set up backup" option instead to create an system image only without selecting individual files to backup? Is this the same as the "create a system image" option? Will I be able see the most recent and select other image files when using the system repair disc on an empty hard drive? Thanks