Druckerchannel.de has an instruction for resetting the absorber counter "D-value" on the iP7250 printer. The iP7240 is the same printer, just for another Canon region. A D-value of 100% means the absorber is full and a D-value of 0% means the absorber is new and contains no ink.
The instruction for the counter reset is here in German or here in a Google translated English.
For the reset a Canon service tool version 3.200 is recommended. You find a link and instruction for download here. You can read more about the service tools and their use in this lengthy thread.
But resetting a counter doesn't make the ink disappear, so it is recommended to change or clean the ink absorbers. You risk a nasty ink spill if you only reset the counter and continue printing. Some say that you that you can reset the counter just once and continue printing without ink overflow. I don't know, I wouldn't do it.
Here is the complete druckerchannel instruction for absorber change in German, and here in English.
I have searched for a service manual and parts catalog for the printer, but found none, so I cannot tell you the parts number for the absorbers. But the absorbers can be washed by hand (and rubber gloves) and dried and reused.
From the looks of it, I think Craig Ross has been printing the wrong way.Here is what an ink overflow might look like:
I borrowed the image from Craig Ross in this thread which I think is worth reading.