Not sure if it's the same thing but this recipe is from one of my many books
Satin Icing
2 oz. table margarine,
4 tablespoons pure lemon juice,
1 lb. 6 oz. sifted confectioners sugar,
coloring if required
Stir margarine and lemon juice in medium-sized pan over low heat till melted. Add 1 lb. confectioners sugar,
stir over low heat without simmering till sugar is almost dissolved. Cook for 2 minutes from time mixture begins to
simmer gently at sides of pan, till it boils all over surface. Remove from heat, stir in further ½ lb. confectioners sugar.
Beat well; add rest of icing sugar, a spoonful at a time, till icing is a soft doughy consistency. Cool. Turn onto board dusted with
icing sugar, knead till smooth and white. Work in little colouring if required.
Satin icing is best used immediately, but can be wrapped in waxed paper and stored in a dry place
Extra satin icing can be colored and shaped into small sweets.
What is Satin Ice? If you have a picture of it, please post.
Satin Ice is a brand of fondant. I believe you can get it at cake supply stores (not Michael's - they only carry Wilton which doesn't taste so good). Try making MMF if you can't find it. There's a recipe on this site. Much cheaper than ready-made fondants.
I just purchased some Satin Ice from Country Kitchen (www.countrykitchensa.com). It's a brand of fondant that is supposed to be much better than the Wilton fondant. I haven't tried it yet, but will be trying it this weekend.
MissBaritone, thanks for the recipe. It sounds like the satin icing works like fondant. I saved the recipe and will have to give it a try. 
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