I was able to nab a few photos of the elusive "Conservation Cove." It's really nothing more than a little building with signs, an aquarium, and a viewing area above it. Inside are some baby American alligators, some turtles, and some large fish. Like Hoopla said earlier, it really is nestled into a little wooded cove between some flower beds. There's also the little bird/trainer viewing pathway right behind Jet Scream across the pathway from the aquarium. Conservation Cove actually located directly across the first pathway you come across that leads down to Jet Scream and Malibu Pipeline, and close to the little photo op with the surf board when you enter. It's much closer to the entrance to the park than it appears on the map. Anyway, here are the photos!
Front view of Conservation Cove on the outside, as viewed from the path behind Jet Scream. It's actually very visually pleasing, and very natural-looking.