I'm not aware of any automatic way to create subtitles that can be turned on and off (.srt files), but Premiere Pro can't create or work with such subtitles anyway. That kind of thing is done in Encore. Premiere Pro can work with Closed Captions, but that's usually understood to be something different than subtitles.
The only thing Premiere Pro can do is create burned in subtitles, meaning they are always on screen and can't be turned off. In which case you just use normal titles. If that's the kind of thing you're looking for, Steven Gotz has just created a Word macro that can help automate the process.
I have these mp3s, and these corresponding transcripts, the transcripts are written by real people, in text format without timestamps, and they are very accurate, i just want to generate a timestamed subtitle file, so that i can play those files, and see what they say in real time.
Can Encore do this?